PCCP, LLC has provided a $41.25 million senior loan to The United Group of Companies, Inc. (“United Group”) for the refinance of The Sovana at Stuart, a Class A, 182-unit resort-style Active Adult community located at 1900 NW Federal Highway in Stuart, Florida, directly off US 1.
Built in 2022 and developed by the United Group, The Sovana at Stuart consists of two, three-story and one, four-story, elevator-served residential buildings. The property offers high-quality construction, modern Class A finishes, and a comprehensive amenity package designed to meet the lifestyle preferences of today’s Active Adult renter. In addition to the resort-style amenities, the community also offers United Group’s award-winning lifestyle program, the SUN® Program (Senior Umbrella Network), featuring daily activities for residents to enjoy. Community amenities include a resort stye pool and spa, outdoor kitchen, fire pits, dog park, pickleball, and bocci courts. The award-winning clubhouse includes a community room with community kitchen and fireplace, state-of-the-art fitness center and yoga room, theater, salon, and a multipurpose room.
“PCCP believes that The Sovana at Stuart represents a compelling opportunity to finance an Active Adult community in a highly differentiated submarket,” said PJ Finley, Vice President with PCCP. “PCCP was drawn to the opportunity due to the property’s strong lease-up performance, modern construction, and unique positioning as the only 55-plus Active Adult community near downtown Stuart, combined with United Groups’ development and management expertise from United Plus Property Management (“UPPM”), AMO ®.”…