Aztec Group Arranges $55.6 Million In Financing For Senior Housing Community In Palm Beach Gardens

Aztec Group sourced and structured $55.6 million in bridge financing for Arcadia Gardens in Palm Beach Gardens.

Arcadia Gardens is a luxury age-restricted rental apartment community featuring 220 units on 10.64 acres.

Developed in 2021, Arcadia Gardens offers luxury living with a comprehensive amenity package within and around its 15,210-square-foot clubhouse. Community amenities include a fitness center, salon, movie theatre, pickleball, bocce and croquet courts, pool, spa, walking trail, community garden, and full onsite dining facilities. Residents also benefit from a vibrant and convenient location with over 2.9 million square feet of retail space within a one-mile radius, including The Gardens Mall, a premiere upscale shopping destination.

The owners are affiliates of the United Group of Companies of Troy, NY and Sina Companies of Palm Beach Gardens. The United Group of Companies is the manager of the property and a vertically integrated leader in senior housing with over 50 years of industry expertise.

The loan was provided by MetLife and provides for full-term interest-only and a 36 month term.

“Aztec sourced multiple proposals for the financing of Arcadia Gardens and worked with the sponsors to select the capital source that could move quickly understood age-restricted housing and the quality attributes of this unique community,” said Peter Mekras, President of Aztec Group.

Aztec Group has closed nearly $200 million in bridge financing in the first five months of 2024.