The United Group of Companies has refinanced Alloro at University Groves, a 55+ apartment community in Sarasota, Florida, with a new $52 million loan. The property, located at 3540 Broadway Ave., serves active adult residents in an age-restricted rental setting.
The refinancing was arranged by a Walker & Dunlop Capital Markets Real Estate Finance team led by Walker Layne, Matthew Wallach, Stephen West, Austin Sneed, and Tyler Evenson. The team structured a floating-rate, interest-only bridge loan on behalf of The United Group. The financing was provided by Bridge Investment Group, giving the sponsor a bridge capital solution on a relatively new senior housing asset.
Alloro at University Groves comprises 183 units in an active adult apartment format. The community offers a mix of one- and two-bedroom residences, along with penthouse units, all designed for residents aged 55 and older. Unit interiors feature open floor plans, balconies, soft-close cabinets, granite countertops, and stainless-steel appliances, aligning the property with contemporary expectations for senior-oriented rental housing.
The property includes a range of resort-style amenities intended to support both lifestyle and wellness for its resident base. Onsite features include a clubhouse, theater, salon, fitness center, and swimming pool, as well as pickleball and bocce courts. The community also incorporates the SUN Lifestyle Program, which has received awards and is positioned as a differentiating service element for residents.
Completed in the fourth quarter of 2023, Alloro at University Groves is a relatively recent addition to the Sarasota senior housing inventory. According to The United Group, the asset is currently the only purpose-built 55+ rental community in North Sarasota, with no competing age-restricted multifamily developments planned in the immediate area. That positioning may underscore the property’s competitive standing within its submarket.
The closing of the $52 million bridge refinancing underscores ongoing financing activity in the active adult segment, particularly for recently delivered properties with a full amenity set tailored to the 55+ demographic. The involvement of a dedicated capital markets advisory team and an institutional lender highlights continued engagement from specialized debt providers in this niche of the multifamily and senior housing landscape.
