WELLINGTON, Fla. — Innovation Senior Living has acquired Wellington Elder Care in the South Florida city of Wellington for $10 million. This the third property under Innovation’s ownership and management. The new acquisition is part of the company’s five-year plan to add 12 to 15 properties to its portfolio. The 10,845-square-foot, 26-unit community will be renamed The Club at Wellington. “Wellington Elder Care, now The Club at Wellington, is an excellent community that is stable, well-run, and centrally located in the state of Florida,” says Pilar Carvajal, CEO and founder …
PUNTA GORDA, Fla. — Madison Marquette has received the construction loan for a 135-bed seniors housing community in Punta Gorda, just northwest of Fort Myers. The project is the second project for Madison Marquette with partners Arbah Capital and operator Meridian Senior Living. The partners recently developed a 117,000-square-foot, 144-bed community in the Tampa suburb of Brandon. H2C Securities Inc. a healthcare-focused strategic advisory firm, served as the exclusive advisor to the borrowers. Vice President Matthew Tarpley and Senior Associate Mitch Levine led the transaction for H2C. The $37 million …
SEBRING, Fla., RAVENNA, Ohio, and GRAND PRAIRIE, Texas — KeyBank has provided $21.5 million of capital for National Church Residences (NCR) to rehabilitate three affordable seniors housing properties in Florida, Ohio and Texas. Fair Havens Village is an 80-unit property in Sebring, with 79 studios and one-bedroom affordable units plus a manager unit in three buildings. The property was originally constructed in 1985. The renovation will improve safety and accessibility and includes roof repairs, common area and residential unit improvements, and modernization of HVAC, electrical and plumbing systems. In addition …
SWEETWATER, Fla. — Centennial Bank Southeast Florida has provided a $33 million loan to CREI Holdings LLC for a development of an affordable seniors housing community in Sweetwater, a suburb of Miami. CREI plans to develop an eight-story, 217,000-squarae-foot, 244-unit community on the five-acre parcel, citing area population growth during the pandemic. The site was formerly Vann Academy, a school and daycare center that closed its doors around the start of the pandemic. The future community will comprise one- and two-bedroom units ranging from 609 to 874 square feet. The …
PORT ST. LUCIE, Fla. — BCC Construction, a Prospect Real Estate Development Group company, has been awarded the contract to build AVIVA at Port St. Lucie, a $30 million senior living center in the South Florida city of Port St. Lucie. Miami-based developer Lloyd Jones is leading the project. The age-restricted residential complex will feature 159 units. Construction is expected to begin in early August 2021 and for completion in early 2023.
OCALA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a three-community, 144-unit assisted living portfolio in the Ocala metro area. The Belleview and 24th Road communities provide memory care services and consist of 41 units and 42 units respectively; the Deerwood community provides assisted living services and consists of 61 units. The Hampton Manor portfolio will provide the existing operator a fee-simple ownership within its existing operating platform. The buyer, seller and price were not disclosed. Bradley Clousing and Jeff Binder handled the transaction (SLIB).
PORT ST. LUCIE, Fla. — CanAm Capital Partners, an affiliate of New York City-based investment bank CanAm Enterprises, has provided a $10 million mezzanine loan for the construction of a 159-unit active adult and independent living community in South Florida. The property will be situated on a 10-acre site in Port St. Lucie, located on the east coast of the Sunshine State. The borrower, Lloyd Jones LLC, will operate the property under its Aviva brand. An expected completion date was not disclosed.
SWEETWATER, Fla. — Consolidated Real Estate Investments Holdings LLC (CREI Holdings) has broken ground on Lil Abner Apartments II, a 244-unit affordable seniors housing community in the Miami-Dade County municipality of Sweetwater. Located on a 5.1-acre site, formerly home to Vann Academy, the project will feature an eight-story, 250,992-square-foot building with 197 parking spaces. Units will range from 588 to 940 square feet. There will be 106 one-bedroom units and 138 two-bedroom units. Forty percent of the apartments will be restricted to seniors earning no more than 60 percent of …
BRADENTON, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottages of Bradenton, a 64-unit assisted living and memory care community in Bradenton. The seller was a local partnership looking to exit the industry. The buyer was a private partnership in the Northeast looking to expand its Florida portfolio. The price was not disclosed. Bradley Clousing of SLIB negotiated the transaction.
CLEARWATER, Fla. — JLL Capital Markets has arranged the sale of The Preserve at Clearwater, an assisted living and memory care property in the coastal Tampa suburb of Clearwater. JLL represented the seller, a joint venture between Solera Senior Living and Elkco Properties. The buyer, an experienced institutional investor, plans to retain Solera as property manager. The price was not disclosed. The Preserve at Clearwater is a 2012-vintage, 82-unit property that sits on an 11-acre parcel. The building is LEED Silver certified and located in close proximity to many of …