The LIHTC Group Announces Sale of Quiet Waters Senior Residences in Belle Glade, Florida
Belle Glade, FL – March 31, 2025
The LIHTC Group is pleased to announce the successful sale of Quiet Waters Senior Residences, a 93-unit affordable senior housing community located in Belle Glade, Florida. The property was acquired by Wingate Residential, LLC from McCurdy Center, Ltd. for a total purchase price of $8,000,000. A LIHTC-financed renovation will begin immediately, with equity provided by Regions Affordable Housing.
The transaction was brokered exclusively by The LIHTC Group, led by President Christopher Scanlan. Along with Joe Glucksman of McCurdy Center and John Tatum of Wingate, the team worked through a complex web of regulatory, financial, and legal requirements to bring the deal to a successful close.
“This deal had a lot of moving parts,” said Scanlan. “We navigated multiple layers of debt, addressed title amendment requirements with the State and School Board, and worked through various other state and local approvals. It was an extremely collaborative effort, and everyone involved stayed focused on the shared goal: preserving and enhancing much-needed affordable housing in Belle Glade.”
“The renovation of Quiet Waters will improve the lives of its residents and preserve the property’s affordability,” said Matthew Napoleon, Senior Managing Director at Berkadia. “We’re grateful for the partnership with Wingate Residential and proud to work with a team dedicated to expanding senior affordability in South Florida.”
As part of the transaction, Wingate also acquired development plans and excess development rights, which are expected to support a future phase of new construction in partnership with the City of Belle Glade and Palm Beach County.
“In strong and vibrant economies like South Florida, we know the difference high-quality affordable housing can make for the future,” said Mary O’Connor, Senior Vice President and Relationship Manager for Regions Affordable Housing. “Regions Affordable Housing is proud to provide the financial tools that help transform housing opportunities into realities. We’re pleased to support Wingate Residential, LLC in the next chapter of Quiet Waters Senior Residences and look forward to its long-term impact on residents and the broader community.”
The continued investment in Quiet Waters underscores the critical importance of preserving and expanding affordable housing for Florida’s senior population. The LIHTC Group remains committed to partnering with mission-driven owners, developers, and municipalities to ensure properties like Quiet Waters remain affordable and are well-positioned for long-term success.
Contact:
Christopher Scanlan President,
The LIHTC Group
cscanlan@LIHTCgroup.com
847-902-5180
www.LIHTCgroup.com
Brokerage & Consulting for the Affordable Housing Community