SunTrust Provides $39M Construction Financing for 424-Unit Seniors Housing Development in South Florida
WELLINGTON, FLA. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington. The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building. Upon full buildout, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million. The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. LS3P Architects and MSA Architects are providing design and architectural services for Wellington Bay, while Balfour Beatty was selected as general contractor.