NORTH PORT, Fla. — Civitas Senior Living and Experience Senior Living Development have started construction of The Gallery at North Port, a seniors housing community in the Sarasota County city of North Port. The three-story community will feature 79 independent living apartments, 28 independent living cottages, 66 assisted living units and 24 memory care units. The development is located across the street from the city’s downtown area. The community is slated to open in August 2021. OZ Architecture and Senior By Design designed the property, which Core Construction is building.
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How One Lender is Expanding to Meet the Evolving Needs of Seniors Housing Borrowers
If they haven’t already, it may be time for investors to reject the notion that seniors housing is a niche asset class. To meet surging demand for the properties brought on by the aging baby boomer population, sophisticated owners have spent years building modern, amenity-rich properties that feel like home, a far cry from 20th century versions of the model, which were often bare-boned and sterile environments. Despite the complex nature of underwriting healthcare operators, the number of lenders serving seniors housing developers has ballooned over the years given the …
Monticello Provides $35.9M Financing for Four-Property Portfolio in Florida, South Carolina
by Jeff Shaw
FLORIDA and NORTH CAROLINA — Monticello has provided $35.9 million in first lien debt financing for the acquisition and renovation of four communities in Florida and South Carolina. The properties, totaling 345 units, offer assisted living and memory care services. The names and specific locations were not disclosed. The borrower is an owner-operator with a total portfolio of 1,116 units.
Greystone Health Completes The Lakes of Clermont Health and Rehabilitation Center in Florida
by Jeff Shaw
CLERMONT, Fla. — Greystone Health has cut the ribbon on The Lakes of Clermont Health and Rehabilitation Center in Clermont, a suburb of Orlando. The skilled nursing facility offers 80 beds in 40 private and 20 semi-private rooms. The property totals 60,000 square feet. Greystone Health manages 43 facilities throughout Florida, Illinois and Missouri. The Clermont location represents Greystone Health’s third center located in Lake County.
FERN PARK, Fla. — Maitland-Based Strive Senior Living has opened its first community, Strive at Fern Park, approximately eight miles north of downtown Orlando. The property features 79 assisted living and 46 memory care units. Strive Senior Living is managing the community in partnership with KR Management, a Clearwater-based operator. The Agency for Health Care Administration approved the license, effective Feb. 14 and the first residents moved in Feb. 19.
JACKSONVILLE, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Summer Brook Health Care Center, a 120-bed skilled nursing facility in Jacksonville. A longtime private owner-operator sold the community for $12.6 million. The buyer was a partnership between a private ownership group and a regional operator. The price translates to approximately $105,000 per bed. Originally built in 1967, Summer Brook is located in the heart of Jacksonville. A strong historical performer, according to Blueprint, Summer Brook EBITDAR was trending even higher during the sale process. Trent Gherardini …
VENICE, Fla. — Pensam has provided $56 million in financing for the Floridian Club of Sarasota, an active adult community in Venice, located on the Gulf Coast approximately 70 miles south of Tampa. The loan replaces the construction financing on the property and provide capital for the lease-up of the newly built, 309-unit property. The floating-rate loan has a term of three years with extension options. The community is made up of for-rent, single-story villas and poolside bungalows. The property comprises one- and two-bedroom units with rents ranging from $1,600 …
MIAMI — Cushman & Wakefield has arranged the sale of 10 senior care facilities in Miami-Dade County for a combined price of $88.6 million as part of a value-add strategy. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for …
WINTER PARK, Fla. —Watercrest Senior Living Group and Titan Development Real Estate Fund I have completed construction of Watercrest Winter Park Assisted Living and Memory Care in Winter Park. The resort-style senior living community features 75 assisted living and 32 memory care apartments. This is the second senior living development project partnered between Watercrest and Titan Development. Their first project, Watercrest Columbia Assisted Living and Memory Care, opened last fall in Columbia, S.C. Titan Development Real Estate Fund I (TDREF I) is a $200 million private equity real estate fund …
DANIA BEACH and HOLLYWOOD, Fla. — Lightstone Capital, Lightstone’s real estate debt platform, has provided a $9.2 million senior bridge loan to Wartep Management to refinance two senior housing communities in South Florida. The communities, The Residences at Dania Beach and Azalea Gardens, include both assisted living and memory care. The Dania Beach community is located blocks from the $800 million Dania Pointe project and directly across from the $634 million Dania Beach City Center development. Azalea Gardens is located near Young Circle Park in the center of Hollywood. Wartep …