ORLANDO, Fla. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando.
Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units.
As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site.
Balfour Beatty is construction manager on the project, which is scheduled for completion in spring of 2018. Gensler designed the community. Once complete, Life Care Services will operate.
Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule.
Big Rock Partners is a private real estate investment management firm. The company is developing three large seniors housing projects in Florida right now, with a total development cost of more than $200 million.