Madison Marquette to Develop 135-Bed Senior Living Facility in Punta Gorda Isles
Real estate services provider, investment manager, developer and operator Madison Marquette has announced the closing of a construction loan and the start of the development in partnership with Saudi based Arbah Capital on a 135-bed senior living facility located in Punta Gorda Isles, FL.
The $37 Million Punta Gorda development is slated for completion/resident move-ins beginning in early Q1 2023 and will be operated by Meridian Senior Living, a premier operator currently managing over 75 communities with 7,000 residents across the country. The Class A, 116,000-square-foot facility will be located on four acres on Aqui Esta Drive in Punta Gorda. Madison Marquette is adding the Punta Gorda facility to its senior living portfolio – which includes six communities in California, Washington and Michigan and additional senior living properties in Florida and Texas.
“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,” said Mahmood Al-Kooheji, CEO at Arbah Capital. “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. We are very pleased to have achieved financial close on the Punta Gorda property and look forward to developing the pipeline further.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.