Development Victory Village plans 80-acre military retirement community in Shalimar, Florida Shalimar, Fla. — Victory Village is slated to receive $2 million from Florida’s Framework for Freedom Budget for fiscal year 2023-24. The funding will be used to purchase 80 acres of land from the U.S. Air Force, which will be used to de-velop a military senior living com-munity with resources and services for wounded warriors and their caregivers. Victory Village will be located ad-jacent to Air Force Enlisted Village (AFEV). Plans for the community include multiple neighborhoods for 800 people to reside, a commu-nity center, a multi-denominational chapel, a fitness center and pool, walking paths, retail services, and a fire and EMS substation. Victory Village plans to offer a continuum of care complete with onsite skilled nursing and will also be home to surviving spouses of re-tired enlisted service members and retired enlisted couples of all mili-tary branches of service. Joint venture receives $160 million C-PACE financing for Summit Vista CCRC in Taylorsville, Utah Taylorsville, Utah — D.A. Da-vidson’s Special District Group, in partnership with Petros PACE Fi-nance, has arranged $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, according to the ar-rangers, the proceeds will be dedi-cated toward ongoing construc-tion with a focus on enhancing the development’s energy efficiency, renewable energy and water effi-ciency. Owned in partnership with Gard-ner Group, Wasatch Group and Sol-amere Capital, Summit Vista offers a full continuum of care, including independent living, assisted living, memory care and comprehensive skilled nursing in conjunction with its affiliated healthcare campus. Upon full build-out, the commu-nity will feature nearly 1,600 units. Approximately 13 miles south of downtown Salt Lake City, Summit Vista is nestled in the fast-growing region of Taylorsville. It is centrally located near major transportation corridors, enabling connectivity to surrounding neighborhoods. July 2023 Victory Village will be split into multiple neighborhoods and can house up to 800 residents on 80 acres in Shalimar, Florida. C-PACE is a financing mecha-nism that allows property owners and developers to fund up to 100 percent of building retrofits and new construction to improve a building’s energy efficiency, renew-able energy and water efficiency. “Summit Vista is a prime example of the value of C-PACE financing, particularly within the senior liv-ing industry as it will not only meet the needs of residents, but offer lower financing costs, more flexibil-ity across the capital stack and the ability to fund environmentally im-portant improvements and innova-tions,” says Andy Meyer, managing director of Petros PACE Finance. Park Avenue Lifestyle to develop $70 million project at James Run in metro Baltimore Bel Air, Md. — Park Avenue Life-style has purchased a site within James Run, a mixed-use develop-ment underway in the Baltimore suburb of Bel Air, from master de-veloper JEN Partners, a private eq-uity fund based in New York. The Orlando-based buyer plans to develop a $70 million seniors housing community on the site that will feature independent living, as-sisted living and memory care units, as well as a fitness center, outdoor courtyards, walking paths and an in-house restaurant and pub. At full build-out, which is an-ticipated for 2025, James Run will comprise this seniors housing property; 190 age-targeted villas and 80 townhomes; the 304-unit James Run Apartments; more than 57,000 square feet of retail space, in-cluding boutique shops, sit-down, fast-casual and quick-service res-taurants; 20,000 square feet of office and medical office space; and a 125-room hotel and conference center. The development is approxi-mately 50 percent complete, ac-cording to JEN Partners. Baltimore-based Craftsmen Cos. is the development manager for James Run, and MacKenzie Com-mercial Real Estate Services is the project’s leasing brokerage firm. THE SLIB DIFFERENCE • Unparalleled Experience • Utilizing a Nationwide Network • Confidentiality – The Cornerstone of our Company • Over 40 Transactions Completed YTD 2023 LET’S START A CONVERSATION CHICAGO | 630.858.2501 WWW.SLIBINC.COM ST. LOUIS | 314.961.0070 Seniors Housing Business www.seniorshousingbusiness.com 11
Seniors Housing Business July 2023: Page 11
