FLORIDA — Berkadia’s Seniors Housing & Healthcare Group has provided $5.1 million in financing for a 165-bed skilled nursing facility in Florida. The facility was constructed in 2010 and offers a mix of skilled nursing and assisted living. “HUD financing enabled our client to take advantage of this value-add opportunity and expand the property,” said Ed Williams, senior director with Berkadia. Williams arranged the HUD 241(a) supplemental loan for an Indiana-based borrower. The loan proceeds, representing 90 percent of project cost, will be used for construction of a new skilled …
Florida
TAMPA, Fla. — Private equity firm Twin Light Capital has acquired Hudson Manor Assisted Living, located in the Davis Islands neighborhood of Tampa. Hudson Manor is the only senior living property in Davis Islands, and one of two properties in the island community listed on the National Register of Historic Places. The seller and price were not disclosed. Miami architect Martin Hampton originally designed the property in 1926 as the Palmerin Hotel. The property was converted into seniors housing in 2004 and extensively renovated from 2016 to 2018. “Hudson Manor …
AVENTURA, Fla. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of …
Watercrest Hires Collin Baranick as Executive Director of Community in Sarasota, Florida
by Jeff Shaw
SARASOTA, Fla. — Watercrest Senior Living Group has hired Collin Baranick as executive director of Watercrest Sarasota Senior Living Community in Sarasota, a 198-unit community scheduled to open this summer. Baranick entered the senior living industry in 2010 as care manager on the nursing floor of a large senior living provider. He later transitioned to a wellness director role, where he improved community culture, staff training and quality assurance. Baranick most recently served as executive director, opening two senior living communities from ground up in South Carolina and Florida. When …
Cushman & Wakefield Arranges $22.2M Sale of The Pointe at Ocean Boulevard in Stuart, Florida
by Jeff Shaw
STUART, Fla. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Pointe at Ocean Boulevard, a seniors housing community in Stuart, approximately 100 miles north of Miami. Sentio Investments sold the asset to an affiliate of Waypoint Real Estate Investments for $22.2 million. Arrow Senior Living will continue to operate the community The Pointe at Ocean Boulevard features 150 units of independent living near the city’s waterfront and downtown areas. The property was built in 1986 and recently renovated. The Cushman & Wakefield team involved …
PALM COAST, Fla. — Atlantic Housing Partners has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. …
OSPREY, Fla. — Gates Construction has been contracted to build Aravilla Osprey, a seniors housing community in Osprey, approximately 60 miles south of Tampa. The community will offer independent living and assisted living. DSDG is providing design services for the project. Aravilla currently operates three seniors housing communities, all located along the Gulf Coast of Florida.
NAPLES, Fla. — Gates Construction has completed The Pineapple House at Sapphire Lakes, a seniors housing community in Naples. Senior Care Residence Sapphire Lakes at Naples LLC and its partners own and operate the property. The two-story, 115,381-square-foot asset features 127 units of assisted living and memory care. Partners on the project include Michael Kerner, Development Consulting LLC, Phoenix Associates of South Florida Inc., IAK Florida Design LLC, Ulrike Kerner and Lotus Architecture.
NAPLES, Fla. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-sold. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. “This has been a very unusual time to open a new community. Truthfully, we thought …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of a skilled nursing portfolio totaling over 400 units. Three of the facilities are located in Central Florida, and the fourth is in Kentucky. The properties were operating at a loss despite occupancy over 80 percent and combined revenues of over $28.5 million. A REIT sold the properties to an undisclosed buyer for an undisclosed price.