United Group received a $52 million refinance loan for The Sovana at Stuart, a Class A, 183-unit Active Adult apartment community featuring one- and two-bedroom apartment homes, along with penthouse units in Sarasota, Florida. See below to read what news outlets had to say.
Yeild Pro: "Walker & Dunlop has arranged a $52M loan to refinance Alloro at University Groves, an adult apartment community in Sarasota, Florida...The 183-unit active adult apartment community features one- and two-bedroom apartment homes, along with penthouse units designed for residents 55 and older featuring open floor plans, balconies, soft close cabinets, granite countertops, and stainless-steel appliances.The community offers resort-style amenities including a clubhouse, theater, salon, fitness center, pool, pickle ball and bocce courts, along with the award-winning SUN® Lifestyle Program."
Continue reading here...
Florida Business Observer: "An active adult apartment community off University Parkway in Manatee County has been refinanced. Alloro at University Groves received a $52 million loan, according to Walker & Dunlop, which arranged the financing. Off University Parkway at 3540 Broadway Ave., Alloro at University Groves contains 183 apartments ranging from one to two bedrooms for tenants ages 55 and up."
Continue reading here...
Connect CRE: "The United Group of Companies closed on a $52 million loan to refinance Alloro at University Groves, a 55+ apartment community at 3540 Broadway Ave, in Sarasota, Florida. A Walker & Dunlop Capital Markets Real Estate Finance team led by Walker Layne, Matthew Wallach, Stephen West, Austin Sneed, and Tyler Evenson arranged the floating-rate, interest-only bridge loan provided by Bridge Investment Group on behalf of The United Group."
Continue reading here...
Connect CRE: "Michael Uccellini of The United Group of Companies secures $52M Loan for Sarasota Multifamily Community. The asset involved in the transaction is a multi-family apartment community known as Alloro at University Groves, located at 3540 Broadway Avenue in Sarasota, Florida. The property consists of 183 units designed for active adults, specifically targeting the 55+ demographic. The loan amount secured for the refinancing of this asset is $52 million, which is structured as a floating-rate, interest-only bridge loan."
Continue reading here...
News Break: "An active adult apartment community off University Parkway in Manatee County has been refinanced. Alloro at University Groves received a $52 million loan, according to Walker & Dunlop, which arranged the financing."
Continue reading here...