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 $179.8 million construction loan for Emerson Lakes retirement campus in Sarasota County
Lead
A Baltimore-based mortgage lender has provided $179.8 million in construction financing to support the first phase of a continuing care retirement community being developed in Sarasota County, Florida. The loan was closed on Sept. 22, 2025 and was announced in early October 2025. The financing covers initial building work for the project known as Emerson Lakes.
Key details of the deal and project
The first phase financed by this loan will include four structures: one community building plus three residential buildings. Together, those structures will deliver 319 independent living units in phase one. When fully built, Emerson Lakes is planned as an 87-acre campus featuring a total of 1,015 independent living units and an additional 130 continuum care units.
Parties and responsibilities
The construction loan was provided by Capital Funding Group (CFG), a mortgage lender headquartered in Baltimore. The borrower and developer is Erickson Senior Living, a nationwide manager and developer of retirement communities based in Catonsville. Erickson will manage development and operate the Emerson Lakes community once built.
Transaction context and lender relationship
This financing marks the second construction loan</b that the lender has executed on behalf of the same developer. In August 2025, the lender closed a separate $185 million construction loan supporting the first phase of The Grandview, a retirement community under development in Bethesda. Executives at the lender described the transaction as evidence of a continuing working relationship and emphasized the firm’s capacity to structure large, multi‑phase financing for senior housing projects.
Timeline and immediate next steps
With the loan closed in late September, ground‑up construction activities for phase one are expected to proceed according to the project’s development schedule. Phase one will deliver the initial resident units and community amenities; subsequent phases will expand residential inventory and continuum care offerings to reach the full campus plan.
Why this matters
The financing supports a sizeable increase in senior housing inventory in the Sarasota County market and reflects broader investment activity in continuing care retirement communities. The structure and scale of the loan demonstrate how specialized lenders and large, experienced developers are partnering to execute multi‑phase, capital‑intensive projects aimed at long‑term operations and resident services.
Project contacts and lender roles
The lender’s senior housing group led the transaction, and the developer will retain responsibility for construction oversight and long-term management. Senior executives from the lender highlighted the firm’s sector expertise and the emphasis placed on flexible, creative financing to support growth for large retirement community developments.
Additional context
The deal adds to a pattern of large construction financings in the senior living and multifamily sectors during 2025, and it underscores continued appetite among specialized lenders to fund multi‑year, staged projects. Observers note that such projects require close coordination between capital providers and developers to manage construction, leasing or occupancy ramp, and operational readiness for residents.
Frequently Asked Questions
Q1: What is the size and purpose of the loan?
A1: The construction loan is $179.8 million, intended to fund the first phase of the Emerson Lakes continuing care retirement community in Sarasota County, Florida.
Q2: What will be built in phase one?
A2: Phase one includes one community building and three residential buildings, totaling 319 independent living units.
Q3: Who are the lender and developer?
A3: The lender is Capital Funding Group, a Baltimore-based mortgage lender. The developer and future manager is Erickson Senior Living, headquartered in Catonsville.
Q4: When was the loan closed?
A4: The loan was closed on Sept. 22, 2025 and the transaction was publicly announced in early October 2025.
Q5: What are the campus totals when fully complete?
A5: When fully built, Emerson Lakes is expected to occupy 87 acres and include 1,015 independent living units plus 130 continuum care units.
Q6: Has the lender worked with the developer before?
A6: Yes. This financing is the second construction loan the lender has executed for the developer. A prior $185 million loan closed in August 2025 to support a Bethesda retirement community project called The Grandview.
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Key features at a glance
| Feature | Detail |
|---|---|
| Loan amount | $179.8 million |
| Borrower / Developer | Erickson Senior Living |
| Lender | Capital Funding Group (CFG) |
| Loan closing date | Sept. 22, 2025 |
| Phase one buildings | 1 community building + 3 residential buildings |
| Phase one units | 319 independent living units |
| Campus size (full build-out) | 87 acres |
| Full build-out unit totals | 1,015 independent living units; 130 continuum care units |
| Prior related financing | $185 million construction loan for The Grandview (closed Aug. 2025) |
This report summarizes financing and project details released by the parties involved. It is intended to provide an accessible overview of the transaction and the Emerson Lakes development plan.
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
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