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The United Group of Companies has refinanced Alloro at University Groves, a 55+ apartment community in Sarasota, Florida, with a new $52 million loan. The property, located at 3540 Broadway Ave., serves active adult residents in an age-restricted rental setting.
The refinancing was arranged by a Walker & Dunlop Capital Markets Real Estate Finance team led by Walker Layne, Matthew Wallach, Stephen West, Austin Sneed, and Tyler Evenson. The team structured a floating-rate, interest-only bridge loan on behalf of The United Group. The financing was provided by Bridge Investment Group, giving the sponsor a bridge capital solution on a relatively new senior housing asset.
Alloro at University Groves comprises 183 units in an active adult apartment format. The community offers a mix of one- and two-bedroom residences, along with penthouse units, all designed for residents aged 55 and older. Unit interiors feature open floor plans, balconies, soft-close cabinets, granite countertops, and stainless-steel appliances, aligning the property with contemporary expectations for senior-oriented rental housing.
The property includes a range of resort-style amenities intended to support both lifestyle and wellness for its resident base. Onsite features include a clubhouse, theater, salon, fitness center, and swimming pool, as well as pickleball and bocce courts. The community also incorporates the SUN Lifestyle Program, which has received awards and is positioned as a differentiating service element for residents.
Completed in the fourth quarter of 2023, Alloro at University Groves is a relatively recent addition to the Sarasota senior housing inventory. According to The United Group, the asset is currently the only purpose-built 55+ rental community in North Sarasota, with no competing age-restricted multifamily developments planned in the immediate area. That positioning may underscore the property’s competitive standing within its submarket.
The closing of the $52 million bridge refinancing underscores ongoing financing activity in the active adult segment, particularly for recently delivered properties with a full amenity set tailored to the 55+ demographic. The involvement of a dedicated capital markets advisory team and an institutional lender highlights continued engagement from specialized debt providers in this niche of the multifamily and senior housing landscape.
The post United Group Lands $52M Refinance for Alloro at University Groves 55+ Community in Sarasota appeared first on CRE Market Beat.
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