Stuart, FL - The United Group of Companies, Inc. (United Group) announced the closing of a $32 million construction loan with Knighthead Funding, LLC for The Sovana at Stuart, a luxury market-rate rental community for independent and active adults who are aged fifty-five and older. The Sovana at Stuart will be located at 1900 NW Federal Highway in Stuart, Florida.
The “Class A” active adult community will feature one- and two-bedroom floor plans ranging from 710 to 1,410 square feet and will offer residents maintenance-free, pet-friendly living. Each apartment will feature a screened-in lanai, a fully equipped kitchen, a washer and dryer, luxury finishes, and nine-foot ceilings. Residents will also have access to garages and car ports.
To encourage an active and social lifestyle, The Sovana at Stuart will feature an 8,000 square foot community clubhouse with a living room and fireplace, resident style pantry kitchen, game room, arts and crafts room, media center, state-of-the-art fitness center, and an on-site private salon. Outdoor amenities will include a resort-style pool and spa, kitchen, firepit, bocce ball and pickle ball courts, and a dog park.
Rent will include full access to the United Group’s award-winning SUN® (Senior Umbrella Network) Program, which promotes an independent lifestyle, and offers fitness and aqua aerobics classes as well as other health and wellness services, finance, legal and administrative support, transportation services to stores, pharmacies and restaurants, education and lifelong learning seminars, and a monthly calendar of social events.
“The Sovana at Stuart brings a dynamic and needed lifestyle option for residents age 55+ in the Stuart market and provides residents healthy living, social engagement and peace of mind,” said Michael Uccellini, President and CEO of the United Group. “I believe residents will find that our thoughtfully designed luxury apartments and numerous amenities will exceed their expectations and we’ve already received significant pre-leasing interest from local residents for occupancy next year. People will love living here.” Uccellini added that, “We secured construction financing with Knighthead Funding and it was a pleasure working with their entire team”.
“We were attracted to this best-in-class active adult living community which is being developed by a sponsor with a very strong track record,” said Brian Sullivan, Vice President of Knighthead Funding, LLC. “This community is one-of-a-kind in the area and will appeal to a large population of independent adults who are seeking high-quality, class-A apartment living.” Jonathan Daniel, Principal of Knighthead Funding, LLC added, “The demand for adult rentals based on the demographics in the immediate vicinity is extremely compelling and we strongly believe in the viability of this project.”
The community will be professionally managed by the United Group’s affiliate United Plus Property Management, who is a nationally recognized leader in active adult and senior living property management.
Verdex Construction from West Palm Beach, Florida is the general contractor for the project and their construction work as already commenced. The Clubhouse and first residential building will open in the third quarter of 2021.
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