Stonegate Development Company
Developers of Assisted Living and Memory Care Communities
About Us
Stonegate Development Company of Florida, LLC. was founded in 2015 by principals David P. Babinski and J. Bennett Grocock for the purpose of acquiring key site locations on which to develop assisted living and memory care communities and assembling the professional team and securing all necessary equity and debt financing.
Both residents of central Florida, David and Bennett met while providing financial consulting to a developer and lender of residential rehabilitation projects. Both had been researching the emerging growth market for Assisted Living Facilities in retirement-rich Florida and determined that combining their resources of talent, professional relationships, and access to capital would enhance the success of their new development activities.
By conducting extensive due-diligence in the senior housing market in Florida and forming strong strategic relationships with development partner Nvision Development and operating partner Solvere Senior Living, plans were created to launch a multi-unit Assisted Living and Memory Care development program in Central Florida, with an emphasis on the massive “middle market” of underserved senior retirees.
Stonegate and its team are committed to building top-quality communities throughout the Central Florida market that provide the highest level of care to its residents along with above-market returns to its investors.
Current Projects
Stonegate Development leverages its partnerships to take a unique approach to the Assisted Living Marketplace. Comprehensive market studies and excellent development partners allow for us to build and operate both "Market Rate" and "Middle-Market" properties. Therefore, a Stonegate property can excel anywhere there is demand, regardless of the income-potential of the area.
Hearthstone at Lake Nona
Currently Under Construction
This Market-Rate ALF is located adjacent to Medical City, in the Lake Nona section of Orlando, Florida. Organic demand from the area combined with the rapidly-expanding Lake Nona area have Stonegate at Lake Nona poised to be a successful, full market-rate community in the heart of affluent Lake Nona. The development includes 10 acres of prime land with a 94 Unit, 78,000 square foot assisted living and memory care community. Construction began in the fourth quarter of 2021.
The "Middle Market"
One of the most underserved segments of the senior living space, the "middle-market" provides quality care and accommodations for those unwilling or unable to pay for the more expensive "market-rate" facilities. Without sacrificing quality of care, the number one concern of Stonegate facilities, "middle-market" properties take a function-based approach, utilizing a multi-purpose room rather than separate, individual spaces for activities. The maximization of comfortable resident living space allows for significantly lower rates and the dramatically underserved segment of the senior living space a place to receive care.
Hearthstone at Leesburg
Currently Under Construction
Stonegate at Leesburg is a Middle-Market product located and designed specifically to appeal to the over 100,000 age 55+ residents in the surrounding retirement communities of southern Lake County, Florida (just northwest of Orlando). Our detailed market studies have indicated a massive, pent-up demand from middle class retirees who need more affordable “middle-market” rates in a new facility with the top quality residential care offered by the more expensive facilities. Located on 4.5 prime acres of land just south of Downtown Leesburg, Stonegate at Leesburg will offer 130 Units of assisted living and memory care at rates up to $1,000 LESS per month than the competition. Currently under construction, the anticipated completion date is Q4 2022.
Hearthstone at Wildwood
Currently Under Construction
Stonegate at Wildwood is the second “middle market” community being developed by Stonegate. Situated on the doorstep of the world-famous “The Villages” 55+ retirement community, we will offer 128 residential units of assisted living and memory care options. This project will be the first affordable middle-market community in the Villages metro area and offer rates up to $1,000 less than the competition. The design stage is complete and the project is currently under construction.
Merrill Gardens Launches
'Middle-Market' Senior Living Brand
Merrill Gardens, a west-coast based Senior Living company, is converting nearly one-third of its 70 property portfolio to serve the middle market.
“We’ve figured out that the middle-market seniors will get to about 14.4 million (nationwide) by 2029, and... we look at that as an opportunity, almost a mission-driven opportunity, to serve more seniors.”
Future Projects
We have analyzed market studies from 20 key regions in Central and Mid-Florida and have selected the top 10 areas for future development. These include 2 full Market Rate facilities in the Orlando Metro Area where competition is sparse, and up to 8 additional middle-market facilities from areas such as Ocala, Lakeland, Lake Wales, Sebring, Sun City, Melbourne, and others. Plans call for the development of at least one new site per year.
Meet The Team
David P. Babinski
Founder; Principal
David P Babinski has 25+ years’ experience in investment advisory and capital raising. He has raised in excess of $250,000,000 for real estate and alternative investment programs with HNW Individuals and Family Offices. Mr. Babinski has extensive experience with real estate syndications, Private Placements, co-investment structures, as well as advanced tax planning strategies.
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J. Bennett Grocock
Founder; Principal
Manager of Stonegate Development Company of Florida, LLC, Co-Sponsor in Lake Nona Senior Housing LLC, Leesburg Senior Housing, LLC, and Wildwood Senior Housing LLC. He serves as managing partner of The Business Law Group (an AV rated firm by Martindale-Hubbell Law Directory), an international finance, securities law, and corporate law firm based in Orlando, Florida. He was formerly a senior corporate attorney with Holland & Knight, a major international law firm until forming the Business Law Group in 1991. He has been involved in numerous real estate syndications and financing transactions over the years. Mr. Grocock received his BA in Economics from Brown University in 1980 and his JD from the University of Florida College of Law in 1984. He has two grown daughters and lives in Orlando, Florida.
JBGrocock@StonegateALF.com
Nvision Development
Development Consultant
Nvision is an Orlando based, full service Real Estate Development Company looking to ensure that our clients, projects and partners are set up to succeed. Nvision was founded in 2006 and has been involved in almost $1 Billion dollars in projects since inception. Currently, Nvision is developing assisted living, multifamily apartments, student housing, independent living, hotels and mixed-use developments throughout Florida and Tennessee.
Solvere Senior Living
Operator
Solvere (Latin for “to solve”) began more than 10 years ago as a company that marketed and filled senior living communities. Since then they have evolved into community management, and, today, are responsible for more than 20 communities, 8 under development and construction, across the United States. Their unique and comprehensive management style, combined with their expertise in middle-market facilities, made them the clear choice amongst their peers as a management partner for Stonegate Development.