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PUNTA GORDA — One of the largest real estate firms in the country has teamed up with a Saudi-based investment firm to build a 135-bed senior living facility in Charlotte County.
The $37 million project, from Washington, D.C.-based Madison Marquette and Arbah Capital, will be in Punta Gorda Isles, according to a statement. It’s scheduled for completion/resident move-ins in early 2023 and will be operated by Meridian Senior Living, which currently manages over 75 communities with 7,000 residents nationwide, the release adds.
The Class A, 116,000 square foot facility is on 4.4 acres on Aqui Esta Drive, about 10 minutes from Tamiami Trail in Punta Gorda. Banesco USA procured the necessary project debt, the release states. Tampa-based Diaz Fritz Group is the project's general contractor and St. Louis-based CASCO+R|5 is the architect.
"In these very unfortunate times, we still need to build for the future and provide facilities which truly take care of our elderly, which is an ever-growing need,” Arbah Capital CEO Mahmood Al-Kooheji says in the statement. “This crisis has shown the even greater need for services to be provided with the greatest professionalism and care, and we are very pleased to partner with Madison Marquette as our developer, and Meridian Senior Living, our operator, whose facilities have been exemplary in the way they have coped in these difficult times.”
This is the second senior living project the two entities have teamed up on, joining a 117,000 square foot, 144-bed community in Brandon.
Madison Marquette’s senior living portfolio includes six communities in California, Washington and Michigan and additional senior living properties in Florida and Texas.
"We believe that senior living needs will be an integral part of the nation's health care delivery system going forward," Madison Marquette Chairman Amer Hammour says in the release. "As such, providing quality housing and service is a growing area of focus for our company and an important step towards building value-based care and value-based investment for our stakeholders. We are appreciative to Arbah Capital for their confidence in us and are pleased with their valuable partnership in Punta Gorda.”
Madison Marquette's health care services group has successfully executed the development of more than 60 health care facilities in recent years. Madison Marquette is a leading private full-service real estate provider, investment manager, developer and operator. It has a portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6.2 billion.
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