2855 West Professional Boulevard (Loopnet, Getty)
Cedar Well being Team beefed up its portfolio of assisted residing facilities in South Florida.
Cedar Well being paid out $39 million for the assisted living facility at 2855 West Business Boulevard in Fort Lauderdale. The vendor is Brentwood, Tennessee-dependent Wickshire Senior Residing, in accordance to documents. The buyer took out a $38.1 million personal loan from Ocean Bank.
Wickshire marketed the facility for 125 p.c far more than its $17.3 million invest in cost a yr ago.
The 293-device home has been rechristened Oasis Living Quarters from its previous name, Atria Willow Wooden. It also delivers memory care products and services, Oasis’ web site reveals. The home spans 18 acres and backs up to two lakes. Oasis was done in 1988 and totals about 304,000 sq. ft, house information present.
The most new sale breaks down to about $133,000 for each device.
Founded in 2019, Cedar is a privately held asset management company that focuses on overall health care, like lengthy-expression acute treatment hospitals, intense specialty hospitals and outpatient system companies, in accordance to its internet site. Mark Tress, Stephen Werdiger and Chaim Rottenberg begun Cedar. It is based in Lakewood, N.J.
South Florida, a great deal like the relaxation of the point out, is a retirement haven, which has created for a solid financial investment revenue current market for assisted living facilities, as well as for nursing homes and other services that allow for for impartial or medically assisted residing.
This thirty day period, nursing house investors Bent Philipson and Andrew Bronfeld compensated $43.2 million for Signature Health care Center of Waterford at 8333 West Okeechobee Street in Hialeah Gardens.
Also, Montreal-primarily based Detailed Treatment Funds purchased Banyan Position at 2950 Northwest Fifth Avenue in Boca Raton and a close by residential setting up for a put together $20.5 million in April.
That deal came soon just after Hector Fernandez, who heads Miami-based mostly Reign Senior Residences, compensated $16 million for Coral Plaza by RSR, an assisted dwelling facility at 5850 Margate Boulevard in Margate.
