The Crown Court senior housing community will soon undergo renovations to its 120-year-old facility via a loan from Kennedy Funding, a direct private lender.
Borrower Vseva Crown Court LLC acquired the 0.697-acre property for $3.7 million.
Crown Court is centrally located in a neighborhood described as ideal for retirement. The Inverness area, about 74 miles north of Tampa and 71 miles west of Orlando, has a reputation as a safe, closely connected community. Accessible by Florida Highway 44 and U.S. Highway 41, Crown Court is near parks, lakes, restaurants, and health-care facilities.
According to Kennedy Funding Loan Officer Chase Wolfer, who closed the deal, the borrower was eager to begin facility upgrades.
“The Crown Court community is known for providing high-quality care, and the planned improvements will make this facility even better for its residents,” Wolfer said. “Securing this loan so quickly for a project this important is exactly why borrowers turn to Kennedy when they need funding in a short turnaround time.”
The demand for senior housing is growing as millions of Americans reach the age of 80; half of assisted living residents are aged 85 or older. More than 900,000 people aged 80 or older live in Florida alone. The need vastly exceeds current construction trends; around 4,000 senior-living units will be developed this year and in 2026, but 100,000 beds per year are needed to keep up with projected demand.
“There’s exponential growth in the senior living commercial real estate market, and an urgent need to meet the expected demand for beds over the next decade,” Wolfer said. “Facilities like Crown Court are providing a sorely needed service in an incredibly in-demand sector.”
