Sarasota County, Florida, October 9, 2025
News Summary
Capital Funding Group closed a $179.8 million construction loan to finance phase one of Emerson Lakes, a continuing care retirement community in Sarasota County, Florida. The financing supports site work and vertical construction for four phase-one buildings — a community building and three residential structures — that will deliver 319 independent living units. Erickson Senior Living is the borrower, developer and future manager of the multi‑phase campus, which is planned to cover 87 acres and ultimately include 1,015 independent living units plus 130 continuum care units. The loan follows prior financing between the same lender and developer.
Capital Funding Group closes $179.8M construction loan for Erickson Senior Living’s Emerson Lakes in Sarasota County
Key point: A mortgage lender based in Baltimore closed a $179.8 million construction loan to fund the first phase of a continuing care retirement community called Emerson Lakes in Sarasota County, Florida. The financing transaction was completed on Sept. 22, 2025 and announced in early October 2025.
What was announced and why it matters
The loan supports the initial construction stage of Emerson Lakes, a multi‑phase retirement campus under development by a nationwide retirement community developer headquartered in Catonsville. The first construction phase will include four structures — one community building and three residential buildings — and will deliver a total of 319 independent living units for seniors. The project, when fully built out, is expected to span 87 acres and include 1,015 independent living units plus 130 continuum care units.
Who provided the financing and who is developing the campus
The loan was arranged and closed by Capital Funding Group (CFG), identified as a Baltimore‑based mortgage lender. The borrower and project developer is Erickson Senior Living, described as a nationwide manager and developer of retirement communities. Erickson is responsible for both the development and ongoing management of Emerson Lakes.
Transaction details and context
CFG closed the near‑$180 million construction loan on Sept. 22, 2025, and publicly announced the transaction in early October 2025. CFG noted that this financing represents the second construction loan it has executed for the same developer; in August, the lender closed a separate $185 million construction loan supporting the first phase of another retirement community project, The Grandview, in Bethesda.
Leadership and lender remarks (paraphrased)
CFG identified a managing director who oversees senior housing transactions and a company president who highlighted that the lender and developer have worked together previously. CFG described the deal as an example of its capacity to structure and execute complex, multi‑phase financings for large senior housing projects.
Project scope and phase one components
Phase one will consist of one community building plus three residential buildings containing 319 independent living units. No specific construction timeline or estimated completion date for the full campus build‑out was provided in the announcement. The full development plan indicates a campus of 87 acres with room for over 1,000 independent living units and a continuum of care component totaling 130 units.
Local and industry context
The financing adds to a recent string of sizeable construction loans in the senior housing sector and follows CFG’s earlier financing work for the same developer. The transaction is being tracked alongside other regional construction and conversion projects that have faced financing stress in recent years. The announcement did not include specific hiring estimates or local economic impact figures tied to the Emerson Lakes build.
What’s next
With the loan closed, developer activities for phase one are positioned to move forward, including site work and vertical construction for the four buildings specified. Further financing, schedules for subsequent phases, and timing for occupancy of phase one units were not detailed in the public notice accompanying the closing announcement.
Frequently Asked Questions
Q: What project is being financed?
A: The financing supports Emerson Lakes, a continuing care retirement community being developed in Sarasota County, Florida.
Q: How much was the construction loan?
A: The construction loan amounted to $179.8 million.
Q: Who provided the loan?
A: The loan was provided by Capital Funding Group, a mortgage lender headquartered in Baltimore.
Q: Who is developing and managing the project?
A: The developer and ongoing manager is Erickson Senior Living, a nationwide operator of retirement communities headquartered in Catonsville.
Q: What does phase one include?
A: Phase one will include one community building and three residential buildings, delivering a total of 319 independent living units.
Q: What is the expected full size of the development?
A: Upon full completion, Emerson Lakes is expected to be an 87‑acre campus with 1,015 independent living units and 130 continuum care units.
Q: Is this the first time the lender has worked with this developer?
A: No. CFG indicated this is the second construction loan it has executed for the developer; earlier, in August, CFG closed a $185 million construction loan for another retirement community project called The Grandview in Bethesda.
Q: When was the loan closed?
A: The transaction was closed on Sept. 22, 2025 and publicly announced in October 2025.
Key project and financing features
| Feature | Detail |
|---|---|
| Loan amount | $179.8 million |
| Lender | Capital Funding Group (Baltimore) |
| Borrower / Developer | Erickson Senior Living (headquartered in Catonsville) |
| Project name | Emerson Lakes |
| Location | Sarasota County, Florida |
| Loan closed | Sept. 22, 2025 |
| Phase one components | One community building + three residential buildings; 319 independent living units |
| Full buildout expectations | 87 acres; 1,015 independent living units; 130 continuum care units |
| Previous related financing | $185 million construction loan closed in August for The Grandview in Bethesda |
| CFG senior housing lead | Managing director for senior housing (named in announcement) |
| CFG company leader | Company president (named in announcement) |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Daily Record: Baltimore-based lender finances Fla. retirement community
- Wikipedia: Emerson Lakes / Erickson Senior Living
- Reuters: Capital Funding Group press release
- Google Search: Capital Funding Group Emerson Lakes
- Baltimore Fishbowl: Mayfair Place development moving ahead
- Google Scholar: Mayfair Place construction loan Baltimore
- Multi-Housing News: Construction begins on 182-unit community near Baltimore
- Encyclopedia Britannica: senior housing construction Florida
- SmartCitiesDive: Office-to-residential conversions and multifamily distress
- Google News: office to residential conversion multifamily distress
Author: Construction FL News
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