October 18, 2019
Zom Senior Living, Liberty Senior Living, and funds managed by an affiliate of Ares Management Corporation have broken ground on Wellington Bay, a $180-million, 46-acre mixed-use senior housing rental community in West Palm Beach.
The project will include 283 independent living, assisted living and memory care units with a 65,000-square-foot clubhouse and amenity building, as well as multiple dining venues, indoor and outdoor swimming pools, a spa, salon and wellness center. At full build out, the project will include 424 units.
“We are excited to partner with Liberty Healthcare and Ares Management on this, our first ZOM Senior Living rental community,” said Greg West, CEO of ZOM Living. “We formed ZOM Senior Living to capitalize on this growing segment of the renter pool, and we plan to offer the same thoughtfully designed living spaces, amenities, and broad array of services to our senior residents, as we provide in our traditional market rate rental communities.”
Additionally, $89 million in construction financing was co-led by PNC and Suntrust, with participation by Comerica.
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