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 is an irreplaceable community in an irreplaceable location,” says Chad Buchanan, Twin Light Capital’s managing partner. “We are in the shadow of downtown Tampa in this island neighborhood where people drive to dinner in golf carts. At the same time, it is home to Tampa General Hospital, one of the best and biggest medical centers in the country, especially for seniors.”
Twin Light Capital plans to undertake further renovations, including the replacement of the original tile roof with a reliable, modern tile roofing system in the same Mediterranean Revival style. Resident rooms will be renovated with new windows, flooring, fixtures, and paint.
The assisted living property is Twin Light Capital’s first investment in the state of Florida, but Buchanan hints that it will not be the last. “I learned during the last cycle that you cannot always wait for a perfectly sized opportunity to come to you in a target market.”
Chicago-based CIBC Bank USA provided mortgage financing for the transaction through its healthcare finance division, led by managing director Sam Dendrinos and associate managing director Kloie McCann. Brooks Blackmon and Alex Florea of Blueprint Healthcare Real Estate Advisors handled the sale on behalf of the seller.