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DevelopmentFloridaNews

LifeStar Living Acquires Site in St. Petersburg, Florida for $125M Development

by Jeff Shaw

ST. PETERSBURG, Fla. — LifeStar Living has acquired a site in St. Petersburg for development of The Manhattan St. Petersburg, a seniors housing community. Neighboring the Gulf of Mexico and Boca Ciega Bay, the resort-style community will be situated in the heart of St. Petersburg’s Skyway Marina District. The property will feature 80 condo-style residences ranging from 1,050 to 2,600 square feet, with assisted living and home health services available. Development costs are estimated at $125 million. At the helm of this innovative project are LifeStar’s co-founders, elite sports agent …

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AcquisitionsFloridaNews

JLL Negotiates Sale of Five-Property Portfolio in Southeast Florida for $64M

by Jeff Shaw

DELRAY BEACH, BOYNTON BEACH, BOCA RATON, COCONUT CREEK and VERO BEACH, Fla. — JLL Capital Markets has arranged the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida. JLL represented an undisclosed seller to complete the sale to an affiliate of Fortress Investment Group LLC. JLL is also working on the buyer’s behalf to secure the acquisition financing. Florida-based Sonata Senior Living has operated the communities for more than three years and will continue to manage the properties going forward. The portfolio includes five …

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Affordable HousingDevelopmentFloridaNews

Carrfour Supportive Housing Opens $15.3M LGBTQ-Friendly Community in Wilton Manors, Florida

by Jeff Shaw

WILTON MANORS, Fla. — Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, has teamed up with The Pride Center, one of the nation’s largest nonprofit LGBTQ+ community centers, to complete The Residences at Equality Park, an LGBTQ-focused supportive housing community. The $15.3 million, 48-unit, four-story development is located on The Pride Center’s Equality Park campus just north of Fort Lauderdale in the city of Wilton Manors. The community provides permanent affordable housing coupled with on-site supportive services for low-income residents over age 55 living with disabling conditions such as …

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DevelopmentFloridaNews

Newmark Arranges Construction Financing for 187-Unit Development in Delray Beach, Florida

by Jeff Shaw

DELRAY BEACH, Fla. — Newmark has arranged construction financing for Holden of Boca/Delray, a 187-unit seniors housing development in the South Florida city of Delray Beach. The borrower is a joint venture between Alliance Residential Company and a global institutional real estate manager. Sarah Anderson, Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders represented the borrower in the financing efforts. A bank provided the construction loan. The development, which will feature 89 independent living units, 76 assisted living units and 22 memory care units, has received site plan approval. …

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AcquisitionsFloridaGeorgiaNewsTexas

Lone Star Funds Acquires 10-Property Discovery Portfolio from Healthpeak for $334M

by Jeff Shaw

DALLAS — Lone Star Funds, a Dallas-based private equity firm, has acquired a 10-property portfolio of properties operated by Discovery Senior Living in Florida, Texas and Georgia. Healthpeak (NYSE: PEAK) sold the assets for $334 million. Although the REIT disclosed the sale during its first-quarter results last week, further details, including the buyer, weren’t disclosed at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management …

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Assisted LivingDevelopmentFloridaNews

The Blake Prepares to Open New Community Near Orlando

by Jeff Shaw

HORIZON WEST, Fla. — The Blake has neared completion of The Blake at Hamlin, a seniors housing community in Horizon West, a master-planned community west of Orlando near Disney World. The property will offer assisted living and memory care services. The number of units was not disclosed. Angie Layfield will serve as executive director while Joshua Bentley will be director of sales and marketing. The property is scheduled to open in fall of 2021.

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FinanceFloridaNews

Dwight Capital Provides $94.3M HUD Refinancing for The Village at Gainesville in Florida

by Jeff Shaw

GAINESVILLE, Fla. — Dwight Capital has provided a $94.3 million HUD-insured loan for The Village at Gainesville, a 651-bed senior living community in Gainesville. The gated property is situated on a 104-acre campus in close proximity to many parks and recreational areas, including the 110-acre Mark Bostick Golf Course. The community provides its residents with services including assisted living, memory care, and board and care. This refinancing closed as the largest healthcare 232(a)(7) loan in HUD’s history to date, according to Dwight Capital. Josh Sasouness and Avi Lifshitz originated the …

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DevelopmentFloridaNews

Palace Group Opens Four-Story Community in Weston, Florida

by Jeff Shaw

WESTON, Fla. — The Palace Group has opened the doors on The Palace at Weston, an independent living, assisted living and memory care community in Weston, approximately 35 miles northwest of Miami. This is owner-operator Palace Group’s 10th luxury senior living community in Miami-Dade and Broward counties. It is located next door to The Palms, an active adult condominium community developed by The Palace Group. The four-story property features 130 independent living units ranging from 800 to 1,300 square feet, 144 assisted living units and a separate memory care building …

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Assisted LivingDevelopmentFloridaNews

Solvere Nears Completion of Sunscape Daytona Beach in Florida

by Jeff Shaw

DAYTONA BEACH, Fla. — Solvere Living has opened the sales center at Sunscape Daytona Beach, an 85-unit seniors housing community in Daytona Beach, located along the Atlantic Ocean northeast of Orlando. Upon completion, scheduled for late this year, the community will feature 65 assisted living units and 20 memory care units. Solvere Living, the operations management division of St. Petersburg-based Solutions Advisors Group (SAG), will be the operator. Protea Capital Partners is the owner and developer. Irwin Partners Architects designed the community.

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DevelopmentFinanceFloridaNews

BHI Arranges $41.9M Construction Financing for Oasis at Coral Reef in Miami

by Jeff Shaw

MIAMI — BHI, through its Healthcare Group. has arranged $41.9 million in construction financing for the Oasis at Coral Reef, a luxury senior living facility under development in Miami. The 217,123-square-foot property is located adjacent to Jackson South Medical Center. BHI has provided $31.9 million and Coastal States Bank provided $10 million. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeast with a primary focus in South Florida. The Oasis at Coral Reef will offer a total of 201 “catered living,” assisted living …

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