Thursday, September 19, 2024
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AcquisitionsCCRCFloridaNews

Acts Completes Affiliation with Nine-Story Mease Life CCRC in Dunedin, Florida

by Jeff Shaw

DUNEDIN, Fla. — Acts Retirement-Life Communities has completed its previously announced affiliation with Mease Life, a nonprofit continuing care retirement community (CCRC) in the coastal Tampa suburb of Dunedin. Under the affiliation agreement, Mease Life has become an Acts affiliate member and part of its network of 27 CCRCs in nine states across the east coast. Rising nine stories, Mease Life is home to approximately 350 residents and includes a mix of independent living, assisted living, skilled nursing and other specialty care services. Acts is currently the nation’s fourth largest …

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DevelopmentFloridaNews

Thrive Nears Completion of The International at Aventura in Metro Miami

by Jeff Shaw

AVENTURA, Fla. — Thrive Senior Living has neared completion of The International at Aventura, a seniors housing community in the Miami suburb of Aventura. Thrive plans to open the community’s welcome center in October, and begin accepting residents in early 2024. The International at Aventura features more than 160 suites built for a mix of independent living, assisted living and memory care. BridgeInvest, a private real estate lender, has joined forces with Rieber Development and Thrive Senior Living to finance the project. The International at Aventura will be a part …

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Affordable HousingDevelopmentFloridaNews

Mixed-Use Development Surrounding Tampa Bay Rays’ $1.3B Ballpark to Include 600 Units of Seniors Housing

by Jeff Shaw

ST. PETERSBURG, Fla. — The Tampa Bay Rays, a Major League Baseball team since 1998, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 50-Unit Gold Choice Palm Coast in Florida

by Jeff Shaw

PALM COAST, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Gold Choice Palm Coast, a 50-unit assisted living and memory care community in Palm Coast, approximately midway between Jacksonville and Orlando. The community was built in 2021 and spans 33,552 square feet on a 6.6-acre parcel. The seller was a Florida-based owner-operator that originally developed the community. The asset was fully stabilized with opportunity to continue revenue growth, according to SLIB.  The buyer was a 1031 fund looking for newer assets with strong in-place yield. The …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 64-Unit The Canopy at Harper Lake in Lake City, Florida

by Jeff Shaw

LAKE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Canopy at Harper Lake in Lake City, a small city of approximately 12,000 residents between Jacksonville and Tallahassee. The community features 44 assisted living units and 20 memory care units. Built in 2019 the community sits on approximately 5.7 acres. The asset was stabilized with all private-pay residents at the time of sale. The seller was a Florida-based developer and investment group. The buyer is a 1031 fund targeting newer assets with strong in-place cash …

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DevelopmentFloridaNews

Resort Lifestyle Communities Opens 128-Unit Pebble Springs in Lady Lake, Florida

by Jeff Shaw

LADY LAKE, Fla. — Resort Lifestyle Communities has opened Pebble Springs, a 128-unit independent living community in Lady Lake, approximately 50 miles northwest of Orlando. Apartments are available in studio, one-, two and three-bedroom layouts. “Our research revealed a substantial demand for high-quality independent senior living communities in the Lady Lake area,” says Steve Mueller, chief operating officer of Resort Lifestyle Communities.

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AcquisitionsFloridaNewsSkilled Nursing

Blueprint Arranges Sale of 90-Bed Skilled Nursing Facility in Carrabelle, Florida

by Jeff Shaw

CARRABELLE, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. James Health and Rehabilitation Center, a 90-bed skilled nursing facility in the Florida Panhandle beach community of Carrabelle. St. James represented the operator’s only location in the state, which led to the decision to exit and focus on its core geographic concentration in the Midwest and Mid-Atlantic regions. The facility was constructed in 2008 and comprises nearly all semi-private rooms. As the only facility in Carabelle with the next nearest competitor located over 30 miles away, …

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CaliforniaFloridaIndependent LivingNewsOperationsTexas

Ventas Transitions 26 Independent Living Communities to New Operators

by Jeff Shaw

CHICAGO — Ventas (NYSE: VTR), a Chicago-based REIT, has named three new operators for a portfolio of independent living communities in Texas, Florida and California. Sodalis Senior Living will take over management of 13 communities in Texas, while Priority Life Care will operate eight properties in Florida and Discovery Senior Living will operate five in California. Ventas “is expanding its successful existing relationships with the three managers to increase occupancy and performance in these communities,” the company said in a press release. The communities will be operated under management contracts. …

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Assisted LivingFinanceFloridaNews

First Citizens Bank Provides Loan to Refinance American House St. Petersburg in Forida

by Jeff Shaw

ST. PETERSBURG, Fla. — First Citizens Bank has provided a loan to refinance American House St Petersburg, a senior living community in St. Petersburg. The borrower is a joint venture between American House, Harrison Street and Prevarian Senior Living, which opened the community in 2021. This community features 66 independent living units, 66 assisted living units and 33 memory care units.  Terms of the loan were not released.

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Active AdultDevelopmentFinanceFloridaNews

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Project in Port St. Lucie, Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult community underway in Port St. Lucie.  David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. The lenders were not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that …

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