MIAMI — Miami-Dade County and the county’s Department of Public Housing and Community Development (PHCD), together with Related Group, have completed renovations at Robert King High Community Center in Miami’s Little Havana neighborhood. First built in 1964 in response to a rapid increase in senior population, Robert King High Towers was a first-of-its-kind development in the Southeast. The community features 315 affordable housing units for seniors and a 10,000-square-foot community center. The community center renovations are now fully completed, with work on the residential towers well underway. The renovation preserved …
Florida
MIAMI — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors age 62 and older. Located in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. The property is scheduled to open in early 2024. The project team for Tucker Tower includes general contractor BDI Construction; …
DADE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing community in Dade City, located between Tampa and Orlando. The property offers independent living, assisted living and memory care services. The name and number of units were not disclosed. The seller is a longstanding provider of seniors housing with a portfolio of over 30 communities. A regional operator that partnered with a private equity group focused on the seniors housing space acquired the property for an undisclosed price. Brad Clousing, Jeff Binder and …
HAINES CITY and LAKE WALES, Fla. — Innovation Senior Living, a middle-market operator, has acquired two Savannah Court-branded communities in Florida. The properties include Savannah Court of Haines City in Haines City and Savannah Court of Lake Wales in Lake Wales. Both municipalities are located southwest of Orlando and east of Tampa. The buyer has changed the communities’ names to The Club at Haines City and The Club at Lake Wales. The seller and price were not disclosed. This represents Innovation’s third and fourth owned and operated communities. The company …
FLORIDA — VIUM Capital has provided a $5.4 million acquisition loan for a 60-bed skilled nursing facility in Florida. Elevation Group was the borrower, and the total purchase price was $6.8 million. The seller, name of the property and location of the property were not disclosed.
VIUM Capital Funds $61.6M Acquisition Financing for Three-Property Skilled Nursing Portfolio in Florida
FLORIDA — VIUM Capital has provided a $61.6 million loan for the acquisition of a three-property skilled nursing portfolio in Northeast Florida. The portfolio totals 357 beds. The financing features a potential earn-out of $6.7 million. Further details were not disclosed.
Ziegler Arranges $30M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida
PONTE VEDRA BEACH, Fla. — Ziegler has arranged $30 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. The community occupies a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. Sawgrass includes four golf clubs including TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing currently features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds. The financing will fund a Phase …
LEESBURG, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Vista Lake Assisted Living in the Central Florida city of Leesburg. Originally constructed in two phases in 1996 and 2000, Vista Lake consists of 74 units of assisted living and memory care. The sale was part of nonprofit owner Eagle Senior Living’s Chapter 11 bankruptcy process. Eagle bought the property in late 2018, and its performance suffered greatly during COVID. Atlantis Senior Living entered the stalking-horse bid for the property, which ended up winning the auction. The …
PENSACOLA, Fla. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Southern Oaks Care Center, a 210-bed skilled nursing facility in Pensacola. Southern Oaks had rebounded to pre-pandemic occupancy of 91 percent with over $4 million in annualized trailing EBITDAR, generating a 21 percent operating margin. An out-of-state partnership acquired the asset from an undisclosed seller for $42 million. The price equates to a 9.6 percent capitalization rate and $200,000 per bed.
LAUDERHILL and HOLLYWOOD, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lenox on the Lake in Lauderhill and Majestic in Hollywood. Lenox on the Lake offers 127 units and 133 beds on a 4.9-acre site. Majestic exclusively offers memory care, totaling 65 units and 115 beds on a 3.6-acre site. The seller was primarily a skilled nursing operator, and these were its last assisted living assets. The buyer was a regional owner-operator based in South Florida. Bradley Clousing and Daniel Geraghty of SLIB represented the seller …