Michael Uccellini Of The United Group Of Companies Secures $52M Loan For Sarasota Multifamily Community

The asset involved in the transaction is a multi-family apartment community known as Alloro at University Groves, located at 3540 Broadway Avenue in Sarasota, Florida. The property consists of 183 units designed for active adults, specifically targeting the 55+ demographic. The loan amount secured for the refinancing of this asset is $52 million, which is structured as a floating-rate, interest-only bridge loan.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $52,000,000
• Lender: Bridge Investment Group
• Landlord: Michael Uccellini - The United Group of Companies, Inc
• Broker Representatives: Walker Layne, Matthew Wallach, Stephen West, Austin Sneed & Tyler Evenson - Walker & Dunlop
• Loan Type: Bridge
• Loan Terms: floating-rate, interest-only
• Units: 183
• Completion Date: Q4 2023

This transaction involved a coordinated effort by Walker & Dunlop, which arranged the refinancing loan on behalf of The United Group of Companies, Inc. The property has been strategically developed to capture the demand in the North Sarasota market, where there is limited supply of age-restricted multifamily housing, indicating a strong positioning in the market for future occupancy.