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Commercial Real Estate
Business Observer Friday, May. 11, 2018 1 week ago

Aileron Capital Management to begin Atrium project

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Senior living community will be part of $75 million mixed-use project
by: Kevin McQuaid Observer Staff

Tampa-based Aileron Capital Management has started work on a 130-unit senior living community in Cape Coral, which will anchor a larger mixed-use project.

Atrium at Liberty Park, at 1321 N.E. 24th Ave., will feature independent and assisted living units, as well as memory care apartments in a 110,000-square-foot building. Amenities will include a fine dining room and bistro, theater, salon and barber shop, a library and arts and crafts studio.

Atrium will be managed by Meridian Senior Living LLC, one of the nation’s largest assisted living and memory care operators in the U.S. with 7,500 units under management.

The retirement community will be Meridian’s 11th in Florida, though Atrium will be the company’s first in Southwest Florida.

Dan Castleberry, Meridian’s chief investment officer, says Atrium will “provide a much-needed service to the Cape” when it’s completed next year.

Atrium will become one of a trio of anchors to Aileron’s Uptown at Liberty Park, a 32-acre development. The project also will include a 320-unit, four-story apartment complex and 25,000 square feet of retail space.

American Momentum Bank and MidWestOne Bank will finance the eight-building apartment complex.

Joe Bonora, Aileron’s managing director and a Lee County native, told the Business Observer last year that the $75 million Uptown project is slated for completion in late 2019.

Since its founding in 2009, Aileron has developed a handful of multifamily rental communities in Southwest Florida, managed roughly 150 senior housing projects nationwide and become one of the nation’s largest non-bank commercial lenders, providing in excess of $500 million in loans to small business owners and entrepreneurs.

 

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