After years of careful planning, design, and entitlement work in collaboration with the City of Port St. Lucie, construction on the Aviva Port St. Lucie project is now officially underway. AVIVA Port St. Lucie is a 159-unit, resort-style active adult and independent living complex on Florida’s Treasure Coast with an expected completion date of Spring 2023.
The ground-breaking ceremony saw senior officials from both sides of the partnership in attendance.
“Our entry into Port St. Lucie comes at a time when there is an increased demand for more upscale senior living communities in the area,” said Chris Finlay, Chairman & CEO of Lloyd Jones, in a press release. “Lloyd Jones has successfully invested in and operated multifamily and senior housing real estate for four decades. We look forward to bridging this experience with our AVIVA collection to provide seniors with an incomparable living experience, combined with the latest amenities, services and level of care that are expected of a world-class senior living community.”
CACP has fully funded $6 million third-party equity and a $10 million mezzanine loan last year for the construction of the AVIVA project.
“We are glad to see construction of the AVIVA Port St. Lucie project progressing on schedule. The project was an ideal fit for CanAm and our investors and in line with our conservative underwriting standards,” said John Reid, Director of Project Development at CACP. “We believe the asset quality, location and the demand dynamics in the Port St. Lucie market to be truly compelling and are pleased to be partnering with Lloyd Jones on this project,” added Reid.
About CanAm Capital Partners
A private equity affiliate of CanAm Enterprises, CanAm Capital Partners (“CACP”) makes project-level capital investments in real estate and other assets. CACP’s investment strategy focuses on geographies and assets where CanAm has informational, operational, and other competitive advantages. CanAm identifies and partners with mid-sized and regional operators who are specialized by asset type and/or geography and have proven to be experts in their niche with the capacity and potential to successfully execute on their proposed projects, including multifamily apartments, commercial space, mixed-use buildings, hotels, and private equity funds.