BONITA SPRINGS, FL – Discovery Village At Naples has announced that the first pre-leasing opportunities for its state-of-the-art Active Independent Living community are now available. Early lessees will be named “Charter Members,” and will take advantage of specially discounted pricing, first-choice apartment home selection, and a host of member-only perks.  

The 175-apartment Independent Living community will offer one-, two-, and three-bedroom luxury residences, a stylish Grande Clubhouse featuring multiple indoor and al fresco dining options, a zero-entry resort-style pool with covered cabanas, an innovative FitCamp Fitness Center with personalized training, plus a host of other luxurious amenities promising to deliver the ultimate maintenance-free senior lifestyle in the heart of Naples.

“We are supremely excited to bring to Southwest Florida this cutting-edge community, which will blend innovative, state-of-the-art features with a host of exclusive lifestyle programs to make a personalized, resident-focused experience that caters to discerning, active seniors,” said Richard Hutchinson, CEO, Discovery Senior Living.

Other programs and amenities set to roll out at Discovery Village At Naples include a Discovery Silver Cinema Movie Theater, professional beauty salon and spa with barber shop and massage, and a revolutionary Flex-Choice spending program which affords residents the freedom to bundle personalized, a la carte services with their unique needs, lifestyle, and budget in mind.

Construction of Discovery Village At Naples’ Active Independent Living community represents a $60 million capital investment and will make over 170 jobs during the construction of the 198,000-square-foot community. Completion of construction is expected by summer 2020.  

Architectural Concepts, under the leadership of Bo Russ, designed the community, and Wegman Design Group principal, Lori Wegman, provided the creative and strategic interior design solutions.

The Henning Group is the general building construction management firm in charge of construction, with Key Bank the construction financing partner.

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NEW YORK, NY – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of The Retreat at Newark located near the University of Delaware.  With this latest transaction, Vesper’s student housing portfolio now spans 21 markets in 13 states.

Built in 2014, The Retreat at Newark is a 597-bed apartment community that caters to students enrolled at the University of Delaware.  The Property’s unit mix consists of 1, 2, 4, and 5-bedroom floor plans – all with bed-to-bath parity. The Retreat is the only property in the market that contains cottage style units.

The apartments feature large fully-equipped kitchens, washers and dryers, balconies, cable television, and high-speed internet. The Retreat at Newark’s residents delight in a full range of amenities including a basketball court, clubhouse, fitness center, tanning beds, golf simulator, outdoor grilling, pool, hot tub, computer lounge, and location on the UD shuttle route.

Vesper bought The Retreat at Newark for $48 million in a transaction brokered by TSB Realty. Vesper is plotting to invest $1 million in upfront capital improvements. Property enhancements will include a renovation of the amenities, as well as extensive improvements to the property’s exteriors and substantial technology upgrades throughout the complex.

“Our acquisition of The Retreat at Newark is part of a strategy to buy well-located properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Principal of Vesper Holdings. “We are pleased to expand our portfolio into Delaware and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is the 9th largest in the United States.  Vesper’s portfolio, including The Retreat at Newark, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS).

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GREENVILLE, SC – Lima One Capital, the nation’s premier lender for real estate investors, recently financed a 108-unit, 216 bed, student living portfolio in Tallahassee, Fla. This large-scale investment was underwritten and funded within 16 days and further establishes the company’s overall growth in the multifamily investment space.

This project is a prime example of Lima One Capital’s competitive advantage in this evolving sector through their efficient process, streamlined underwriting, and elite customer service for small balance and middle market multifamily deals. The investors came to Lima One Capital needing to close quickly after their current lender was unable to meet their buy deadline.

“Student living deals take on an entirely new risk profile,” said Brian Cauthen, Lima One Capital’s director of multifamily and commercial financing. “Most traditional lenders aren’t able to streamline the underwrite due to the nuances of value alpha as it relates to deal-specific risks. When we looked at the properties in Tallahassee, we gathered specific knowledge of the advantages and worked together with the sponsors who had significant expertise.”

Since launching the multifamily program in the fall of 2016, Lima One Capital has financed small and middle-market multifamily deals across the country. In addition to multifamily financing in 45 states, Lima One Capital also offers FixNFlip and Rentalproperty financing nationwide.

“The deal was to gain more coverage in proximity to ‘college town,’ a newer development of student living and dining which has seen unprecedented growth over the last five years,” said Diane Sugrue, Lima One’s senior analyst. “It made a ‘location arbitrage’ that would be simple to overlook. Fortunately, between the sponsors experience along with Lima One’s familiarity to the market, we were able to streamline the approval and ultimately close in record time.”

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