SARASOTA, FL – Watercrest Senior Living Group and United Properties announce their partnership’s second senior living development in the groundbreaking of Watercrest Sarasota Senior Living Community. Walker and Company will start construction of the 198-unit, luxury senior living campus this fall, with scheduled completion in Summer 2020.

Ideally located at 4141 Desoto Rd, Watercrest Sarasota will be a signature Watercrest product, offering 72 independent living, 96 helped living and 30 memory care apartments with resort-style service and world-class care.  The architecture and design will boast a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies, and Florida-style outdoor living spaces.  Watercrest’s uniquely designed Market Street Plaza will showcase an ‘outdoor’ streetscape with numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.   

“As one of the nation’s most desirable places to live, Sarasota provides the idyllic setting for our signature Watercrest senior living community,” says Marc Vorkapich, principal and CEO of Watercrest Senior Living Group.   “We are offering an unparalleled experience which mirrors the upscale amenities and enriching lifestyle seniors are accustomed to enjoying while ensuring their safety through exceptional standards of care.”

With multiple senior living communities in development across the southeast, Watercrest principals, Marc Vorkapich, CEO, and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities.  This is the second senior living development project partnered between Watercrest and United Properties.  Their first project, Watercrest Naples Helped Living and Memory Care is currently under construction and on schedule to welcome residents in Summer 2019.

“It’s gratifying to see the synergies between United Properties and Watercrest build as our partnership evolves,” said Ray Oborn, president of Cherrywood Pointe Investment. “Together, we’re committed to excellence in making inspired communities where seniors can find joy in aging.”

Founded in 1916 and based in Minneapolis, United Properties has developed nearly 200 projects totaling more than 20 million square feet and nearly $1 billion over the last 30 years, including 17 senior housing communities in the Minneapolis/St. Paul, Denver and Naples markets, with five more under development.

“United Properties is pleased to have the opportunity to serve seniors in our second community in Florida,” said Mike Dailey, senior vice president of development for United Properties. “We look forward to completing this signature project and expanding our senior housing program that provides homes to many.”

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NASHVILLE, TN – Walker & Dunlop, Inc. announced that it structured $19,491,400 in financing for the acquisition and rehabilitation of Dandridge Towers. Located in Nashville, Tennessee, a city and metropolitan area seeing rapid population growth, the 153-unit, senior-living apartment community provides an vital affordable housing option for older residents of the city.

Led by Vice President Rob Rotach, Walker & Dunlop secured a 40-year, fixed rate, fully amortizing loan for LHP Capital, the developer and manager of Dandridge Towers. The acquisition and rehabilitation of the property was financed through Section 221(d)(4) of the Department of Housing and Urban Development’s (HUD) Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, elderly, and the handicapped. Additionally, the Dandridge Towers property qualified for reduced HUD Mortgage Insurance Premiums (MIP) due to its affordability.

The property was financed in conjunction with 4% Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements.

Mr. Rotach stated, “With Nashville’s continued growth, it is more vital than ever to ensure affordable housing remains an option for long-time residents of the city. The rehabilitation done on Dandridge Towers will provide Nashville’s senior residents with an updated, environmentally-friendly place to call home.” 

Dandridge Towers, situated just outside downtown Nashville, is in one of the fastest growing metro areas in the nation. Nashville has seen an influx of residents in recent years, particularly younger ones, due to its relatively low cost of living, and growth in industries such as healthcare and manufacturing. The region is expected to experience population growth of over 9% in the coming years, putting it on track to reach over two million residents by the year 20201.

While Nashville’s recent population growth has generated an expansion of urban housing, the need to preserve affordable housing options for the city’s residents is increasing. Originally constructed in 1983, Dandridge Towers has provided affordable housing to elderly residents for nearly four decades. The rehabilitation of the building will enable it to house seniors for decades to come.

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