News August 15, 2023

Ohio Developers Land $122M to Finish Luxury Senior Housing in Port St. Lucie

Commercial Observer reported that a group of developers from Cleveland, Ohio have secured $122 million in financing, including a $95 million construction loan from Madison Realty Capital, to complete a luxury rental complex for seniors in Port St. Lucie, Florida. The group is a joint venture between Pride One Construction, Brokaw Development Services and Riley Hotel Group, which are all based in Ohio. Encore at Tradition, a gated community, will feature 415 apartments across 62 buildings, including two four-story buildings with 56 units each. Amenities will include a salon, restaurant, pool, pickleball courts, medical office and a 24,000-square-foot clubhouse. Residents must be 55 years or older.

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