Big Rock Partners’ and Walt Disney Cos. have landed a $41 million construction loan for the development of a senior living community in Celebration. Walker & Dunlop arranged a three-and-a-half-year loan with three years of interest-only payments, followed by a 25-year amortization schedule. The $80 million project will be located at the gates of Disney World, within two miles of Florida Hospital Celebration Health. The full-service, senior living health care community will feature 151 independent living units, 55 assisted living units and 33 memory care units. Amenities include two restaurants, a spa, an all-purpose room, a state-of-the-art movie theater and a top-floor solarium. Architectural firm Gensler will design the project, and Balfour Beatty LLC has been selected to build the property. The community will be managed by Life Care Services.
“The senior living sector is increasingly attractive to lenders and institutional investors, but they’ve been hard-pressed to find product that meets their criteria. Walker & Dunlop recognized that our Celebration community’s caliber, size and prime location makes it a highly desirable opportunity,” Richard Ackerman, senior managing principal with Big Rock Partners, said in prepared remarks.
