United Group Obtains $52M Refi on Sarasota 55+ Rental Community
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.
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 SUN Lifestyle Program.
Completed in Q4 2023, The United Group asserts that Alloro is the only purpose-built 55+ rental community in North Sarasota with no competing age-restricted multifamily developments planned.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout