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United Group closes $52M refi for 55+ community in Sarasota

The $52 million floating-rate, interest-only bridge loan refinances Alloro at University Groves, a 183-unit active adult property in North Sarasota.

Reported · Written up by our desk · Residential

United Group of Companies has closed a $52 million loan to refinance Alloro at University Groves, a 55-plus apartment community in Sarasota, Florida, according to ConnectCRE.

The transaction covers a floating-rate, interest-only bridge loan, arranged by a Walker & Dunlop Capital Markets Real Estate Finance team for Bridge Investment Group on behalf of The United Group.

Alloro at University Groves contains 183 units across one- and two-bedroom apartment homes, with additional penthouse units designed for residents 55 and older.

The property was completed in Q4 2023 and offers resort-style amenities including a clubhouse, theater, salon, fitness center, pool, and pickleball and bocce courts, ConnectCRE said.

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