Grandbridge Negotiates $45M Bankruptcy Sale of Community in Florida

by Jeff Shaw

CHAMPIONSGATE, Fla. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the sale of a 223-unit senior living campus located in ChampionsGate, approximately 25 miles southwest of downtown Orlando.

The Grandbridge sales team led by David Kliewer and Jay Jordan facilitated the sale to funds managed by Fortress Investment Group for $45 million. Fortress has engaged Watermark Retirement Communities to manage the community.

Formerly known as Merrill Gardens at ChampionsGate, the new owner has changed the name to The Glades at ChampionsGate. The community features 114 independent living, 73 assisted living and 36 memory care units.

The community was developed through a 142(d) bond issuance and opened in December 2017.  Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.

“Fortress recognized the opportunity to acquire a high-quality, recently constructed community at a price significantly below replacement cost,” says Kliewer. “The sale provides financial stability to the community and its residents and staff.”

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