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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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AcquisitionsFloridaNews

Grandbridge Arranges Sale of Three Communities in Florida

by Jeff Shaw

BROOKSVILLE, LAKE PLACID and SPRING HILL, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of three communities in Florida on behalf of a national REIT.  Florida-based TJM Properties Inc, a regional owner-operator, acquired two of the properties. The Grande is a 144-unit independent living, assisted living and memory care community in Brooksville, and Balmoral is a 125-unit assisted living and memory care community in Lake Placid.  An undisclosed, Florida-based buyer purchased the remaining property: Forest Oaks, an 80-unit assisted living and memory care …

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DevelopmentFloridaMemory CareNews

Alta Acquires Newly Constructed Memory Care Community in North Palm Beach, Florida

by Jeff Shaw

PALM BEACH, Fla. — Alta Senior Living has acquired Palm Beach Memory Care, a newly constructed 60-unit memory care community located in North Palm Beach.  The community opened with 20 percent of the units already pre-leased. It is strategically located near Alta Senior Living’s regional office that shares space with restaurant tenant, DeSano Pizza. Dan Baker with JLL arranged the sale. The seller and price were not disclosed.

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FinanceFloridaNewsSkilled Nursing

CareTrust Funds $15.7M Mortgage Financing for Skilled Nursing Portfolio in Florida

by Jeff Shaw

DELAND, Fla. — CareTrust REIT Inc. (NYSE: CTRE) has funded a $15.7 million mortgage loan on a two-asset, 115-bed skilled nursing portfolio in Florida.  The borrowers under the loan are affiliates of Elevation Group LLC, a Florida-based skilled nursing operator led by industry veterans Ken and Dan Funk. Elevation is an existing tenant of CareTrust. Proceeds of the loan were used to refinance Elevation’s existing loan on its Athens Post Acute facility, as well as to partially fund Elevation’s acquisition of Blue Lake Post Acute, both located in Deland, approximately …

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