Capital Funding Group closes $179.8M loan for Emerson Lakes senior living campus

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 Emerson Lakes in Sarasota County

What happened: A Baltimore-based mortgage lender completed a near‑$180 million construction loan to back the first phase of a large continuing care retirement community in Sarasota County, Florida. The financing supports the initial buildout of Emerson Lakes, a multi‑phase senior living campus being developed and to be managed by a nationwide retirement community developer headquartered in Catonsville.

Key facts at a glance

Details and context

The lending package is intended to fund the initial construction phase of Emerson Lakes, which will include one community building and three residential buildings in the first phase. Those buildings together will deliver 319 independent living units for older adults.

The borrower will develop and operate the project as a continuing care retirement community, meaning the full campus will provide a spectrum of living options and care services when finished. The total site is planned as an 87‑acre campus that will ultimately offer more than a thousand independent living residences alongside 130 continuum care units.

Who’s involved

The construction loan was arranged by a mortgage lender headquartered in Baltimore that focuses on senior housing financing among other sectors. The lender’s senior housing team handled the transaction; the managing director for senior housing oversaw the deal. The lender’s president described the work as further evidence of a repeat partnership and capability to structure large, multi‑phase financings for experienced operators.

Why it matters

Large construction loans like this one enable developers to break ground on major projects that add housing and care capacity for aging populations. Emerson Lakes represents a substantial expansion of senior living inventory in Sarasota County and illustrates continued lender appetite—under the right underwriting and sponsor experience—for multi‑phase, capital‑intensive senior housing developments.

The transaction also highlights a pattern of repeat lending relationships in this niche: the same lender closed an earlier roughly $185 million construction loan in August to support the first phase of another retirement community project in Bethesda. Repeat business typically reflects lender comfort with sponsor track record, project design and market fundamentals.

Timing and next steps

The financing closed on September 22, 2025, and the public announcement of the loan came in early October 2025. With phase one funded, the developer can proceed with on‑site construction of the community and residential buildings included in the initial scope; subsequent phases will be advanced as market absorption and project timelines permit.

Additional background

The senior housing sector continues to see active dealmaking, with large-scale continuing care projects attracting institutional construction financing when sponsors have deep operating experience. Developers and lenders typically structure financing to align construction draws with milestones and to support multi‑phase builds that may span several years.

Frequently Asked Questions

What is being built at Emerson Lakes?

Phase one includes one community building and three residential buildings that together will provide 319 independent living units. The full campus will encompass 87 acres, with up to 1,015 independent living units and 130 continuum care units at completion.

Who provided the construction loan?

A Baltimore‑based mortgage lender that specializes in senior housing financing provided a $179.8 million construction loan to support the first phase of Emerson Lakes.

When did the financing close?

The loan closed on September 22, 2025, and the transaction was announced publicly in early October 2025.

Is this the lender’s first transaction with the developer?

No. This is the lender’s second construction loan for the same developer. The lender previously closed an approximately $185 million construction loan in August to support a first phase project in Bethesda.

What is a continuing care retirement community?

A continuing care retirement community (CCRC) is a residential development that offers a spectrum of housing and care levels—typically independent living, assisted living and higher‑level care—on a single campus, allowing residents to move between care levels as needs change.

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Key features at a glance

Feature Detail
Loan amount $179.8 million
Project Emerson Lakes — continuing care retirement community
Location Sarasota County, Florida
Phase one scope 1 community building + 3 residential buildings; 319 independent living units
Full buildout 87 acres; 1,015 independent living units; 130 continuum care units
Closing date September 22, 2025
Relationship Second construction loan between lender and developer; prior $185M deal in Bethesda

This article summarizes publicly disclosed financing and project details announced by the parties involved. Project timelines and unit counts are subject to change as development progresses and permits and approvals are obtained.

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