Miami, Florida – October 19, 2017 – Sandstone Realty Advisors of Miami, FL, facilitated the closing of an $8 million construction loan between CERTUS Senior Living and First Green Bank to fund the development of a 64-bed memory care facility in Mt. Dora, FL.
Jim Fried, President of Sandstone and host of the Fried On Business radio program, says, “Construction loans are always a challenging assignment. There are not many quality lenders for construction and then matching that limited pool with proven and credit worthy borrowers is sometimes difficult. However, the First Green Bank team headed by Drew Saito and the CERTUS Senior Living management team headed by Glen Pawlowski are both BEST IN CLASS. It is always a pleasure to work with quality people who have a proven track records of success as they grow their respective business platforms.”
Troy M. Cox, CERTUS Senior Living Chief Investment Officer, worked on the CERTUS side to complete the loan. “I have known Jim Fried for almost 30 years. He is a great guy who builds meaningful relationships with his clients and lenders” commented Troy. “We are grateful to Jim for his expertise, hard work, and friendship. Jim is a good example of the long relationships that we at CERTUS Senior Living develop through our business relationships and the operational relationships as we provide the best in Memory Care for our residents and their families. We are grateful to Jim and First Green Bank for helping us to make each CERTUS Communities a place Where Every Moment Matters for our residents, their families, and our caregivers.”
CERTUS Senior Living expects to open its Mt. Dora CERTUS Memory Care Community in April 2018 followed shortly thereafter by its CERTUS Memory Care Community in Orange City, FL, slated for June 2018. Another 10 CERTUS Communities are planned throughout Florida in the CERTUS development pipeline for delivery in 2018 and 2019.
About Sandstone Realty Advisors
Sandstone Realty Advisors is a Miami-based real estate and mortgage brokerage company that has specialized in helping best in class real estate operators capitalize their transactions for over 25 years. During that time, Mr. Fried has capitalized over $3 billion in projects.
About First GREEN Bank
Since its opening in 2009, First GREEN Bank has led an impactful and successful charge to prove there is a better way to do business — one that is financially, environmentally and socially responsible. Committed to incorporating a strong sense of social responsibility into its business, founder Ken LaRoe and CEO Keith Costello are one of the only two leaders and friends in the banking industry to promote environmentally responsible behavior through its own business and employees. Together, LaRoe and Costello plan to promote their global mission. Headquartered in Orlando, with additional locations in Mount Dora, Clermont, Ormond Beach, Winter Park, Fort Lauderdale, and, most recently, Altamonte Springs, First GREEN Bank offers personal and commercial banking services.
To find out more about First GREEN Bank, visit www.firstgreenbank.com.
About CERTUS Senior Living, LLC
CERTUS Senior Living is a privately held developer/operator which master leases the Memory Care communities it specializes in creating. Pioneers in assisted living communities, CERTUS Senior Living emphasizes wellness in its care and service, catering to the physical, intellectual and social well-being of its residents.
For additional information regarding CERTUS Senior Living, visit www.certusseniorliving.com.
For more information on this transaction or on Sandstone, please contact Jim Fried at 305-773-6300 or jfried@ssrefl.com.
