Arnaud Karsenti’s 13th Floor Homes landed a $14.1 million construction loan for a senior housing community in Delray Beach.
The Miami-based development firm received financing for its Solera at Avalon Trails project from the Canadian Imperial Bank of Commerce, according to a press release. The planned development at 14800 Cumberland Drive will have 74 rental townhouse units for adults 55 years and older, the release shows.
Floor plans will have two- and three-bedroom single-story options. Amenities in the development will include a community pool, a lap pool, a movie theater, pickleball courts, tennis courts and a fitness center.
13th Floor plans tol break ground later this year, and complete the units next year, according to the release.
Pricing for the rentals has yet to be released, a spokesperson confirmed.
Karsenti’s 13th Floor Investments isn’t the only South Florida developer focused on senior housing. Billionaire Steve Ross’ New York-based Related Companies purchased an affordable housing complex for seniors in Hollywood for $32.1 million earlier this month.
13th Floor also has a number of other South Florida projects in the works across different asset types. In December, the firm proposed a 350-unit apartment building near the Aventura Brightline stop. In November of last year, 13th Floor and joint venture partners the Ardid family’s Key International, Wexford Real Estate Investors and CDS International Holdings nabbed $102 million in construction financing for their planned 420-unit Parks at Delray mixed-use multifamily development in Delray Beach.