(As appears on PR Newswire)
PUNTA GORDA, Fla., Aug. 16, 2021 -- Madison Marquette, a national private fully-integrated real estate services provider, investment manager, developer and operator, today announced the closing of a major 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, Florida. This transaction marks the continued leadership of Madison Marquette in the senior living space – with the company recently having also developed with Arbah Capital a 117,000 square foot, 144 bed community in Brandon, in the Tampa market and invested in additional projects across the country. Madison Marquette partnered with Arbah Capital and Meridian Senior Living to secure the equity capital for the two Florida projects.
Mr. Mahmood Al-Kooheji, CEO of Arbah Capital, said "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. 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."
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.
"We believe that senior living needs will be an integral part of the nation's healthcare delivery system going forward," said Amer Hammour, Chairman of Madison Marquette. "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. We look forward to working on several other investments with them. We are also pleased to have Meridian as an Operating partner for the property when it is completed. Arbah and Meridian are globally known for their capabilities in strong investment, financial and operations leadership and will assure success for this property," Mr. Hammour added.
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 4.4 acres on Aqui Esta Drive, about 10 minutes from the Tamiami Trail, in Punta Gorda. This development is optimally situated approximately 50 miles southeast of Sarasota and 25 miles north of Fort Myers. Banesco USA procured the necessary project debt. Diaz Fritz Group out of Tampa, Florida is the project's seasoned general contractor and St. Louis, Missouri's CASCO+R|5 is the architect.
Madison Marquette's healthcare services group, headed by Glen Perkins, has successfully executed the development of more than 60 healthcare facilities in recent years. These facilities join the Madison Marquette family of premier, state-of-the-art developments in retail, multifamily, office, hospitality and mixed-use properties across the United States.
About Madison Marquette
Madison Marquette is a leading private full-service real estate provider, investment manager, developer and operator headquartered in Washington, D.C. The company delivers integrated investment, development, leasing and management services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6.2 billion. The company partners with global, institutional and private investors to provide industry-leading investment and advisory services across asset classes -- including mixed-use, retail, office, medical, industrial, senior living and multifamily. Founded in 1992, the company built its reputation on the successful development, repositioning and redevelopment of landmark mixed-use assets, and now leverages that performance legacy to provide clients with exceptional asset services and investment advice. Madison Marquette has a strategic bench of professionals providing nationwide service from 12 regional markets and is a member of the Capital Guidance group of companies. For additional information, visit madisonmarquette.com.
About Arbah Capital
Arbah Capital is the First Islamic Boutique Investment firm in Eastern Region of Kingdom of Saudi Arabia, and thus embarked on an ambitious and visionary mission to provide investment solutions to their valued investors. Arbah aims to protect and enhance their investors' best financial interests while managing goals which are compatible with their profile and intended financial ambitions. For more information on Arbah Capital, go to arbahcapital.com.
About Meridian Senior Living
Meridian Senior Living, LLC, a privately held company based in Bethesda, MD, owns and operates senior living communities across the United States. With more than 70 communities in 21 states and more in development, Meridian one of the top 20 largest seniors housing operators in the U.S. The company prides itself on providing the highest quality care and an active lifestyle to their residents. For more information on Meridian Senior Living, visit meridiansenior.com.
Media Contact: David Ebeling, 949-861-8351, [email protected]