DAYTONA BEACH, Fla. — The Housing Authority of the City of Daytona Beach (HACDB) has received approval for $28 million in Multifamily Housing Revenue Bonds for its WM at the River affordable seniors housing project. With a total cost of $52 million, the project will rehabilitate 298 units at the former Windsor & Maley apartments. Partners include BGC Advantage, Red Stone Equity Partners, Lument, Coates Rose and Greenberg Traurig.
LAKELAND, Fla. — Capital Square 1031 has acquired Foxwood Village, a manufactured housing community for those over age 55 in Lakeland, located between Tampa and Orlando. To date, Capital Square has acquired six age-restricted manufactured housing communities in coastal Florida markets for tax-advantaged real estate investment offerings. “Age-restricted manufactured housing communities in Florida are among the safest assets in the nation,” says Louis Rogers, founder and chief executive officer of Capital Square. “Due to exceptionally strong rent growth and little to no vacancy, they are an excellent hedge against inflation.” …
SEBASTIAN, Fla. — Watercrest Senior Living Group has promoted Michelle Miller to executive director of Pelican Landing Assisted Living and Memory Care in Sebastian. Miller will replace Kim Sviben, who was recently promoted to area director of operations. Miller joined Watercrest in 2019 as assistant executive director of Watercrest St. Lucie West, where she supported community growth and established relationships with her team and resident families. Miller brings 22 years of nursing experience to her role, as well as service in the U.S. Army where she spent four years in …
NAPLES and VENICE, Fla. — JLL Capital Markets has arranged the $26.8 million sale of a senior living portfolio consisting of two properties totaling 243 units in Southwest Florida. JLL worked on behalf of the seller, Prime Care One, to complete the sale to the buyer, Pointe Group Care. The portfolio includes HarborChase of Naples and HarborChase of Venice, which offer assisted living, memory care and skilled nursing services. Since 2015, the previous owner invested in excess of $3.5 million to update generators, cooling towers and roofs, among other renovations. …
LEHIGH ACRES, Fla. — Gates Construction has been selected to provide construction management services for the renovation of the Lehigh Acres Senior Citizen Center. The improvements will include ADA-compliant restroom upgrades, an ADA special lift to access the multi-purpose room stage, kitchen updates and replacement of all six rooftop HVAC units. The center is a nonprofit organization that was established to provide seniors with opportunities to be engaged, enriched and empowered. ADG Architecture provided design services.
AUGUSTA, Ga., and GULF BREEZE, Fla. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has acquired a 100-unit seniors housing facility in Augusta and a former seniors housing facility in Gulf Breeze for an aggregate purchase price of $28.5 million. The Augusta location, The Claiborne at West Lake, opened in late 2018 and was nearly 90 percent occupied at the time of the transaction. The transaction was underwritten with an initial cash yield of nearly 8 percent and features an earnout opportunity for the seller after 12 months. Simultaneously with …
NEW YORK CITY — The Healthcare Group of Eastern Union, a New York-based commercial real estate finance firm, has secured a $57 million bridge financing package that encompasses two skilled nursing facilities in Florida and two in Massachusetts. The four facilities total 544 beds. The two facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples that provides a combination of skilled nursing and assisted living services. The second asset was a 146-bed center in Venice that delivers assisted living, memory care …
CLEARWATER, Fla. — A partnership between Autumn Senior Living, Cleveland Construction and Small Brothers has received a certificate of occupancy for Aravilla Clearwater, a memory care community in Clearwater. The 65,000-square-foot community features 84 units. Construction took 18 months. The first phase of the project includes a two-story building. The second phase of the project will begin with constructing a three-story, 105,000-square-foot assisted living community with a connection to the memory care community.
OXFORD, Fla. — Berkadia’s Seniors Housing and Healthcare Group has arranged the $15 million sale of The Willows of Wildwood, an assisted living and memory care community in the Central Florida municipality of Oxford. The Class A property opened in 2015, featuring 126 units totaling 134 beds. Tim Cobb and Brooks Minford of Berkadia completed the sale.
TARPON SPRINGS, Fla. — Live Oak Bank has provided a $12.3 million refinancing for Watercrest Senior Living. The bridge-to-permanent loan will refinance debt on Market Street East Lake, a seniors housing community in Tarpon Springs, a coastal suburb of Tampa. East Lake is a 64-unit standalone memory care community that opened in March of 2018. The 45,960-square-foot property sits on 3.4 acres of land. Lument advised Watercrest in the transaction.