Controversial senior living tycoon Leo Friedman bought a facility in Delray Beach for $30 million.
New York-based Citadel Care Centers, led by founder and CEO Friedman, bought the 472-unit Abbey Delray at 2000 Lowson Boulevard from Dallas-based Lifespace Communities, according to records and real estate database Vizzda. The buyer borrowed $42 million from Metropolitan Commercial Bank and $8.3 million in mezzanine financing from Northwind Group.
Completed in 1979 and 1980, Abbey Delray has six three-story buildings and nine one-story buildings on a 25.7-acre site, records show. The complex consists of a 327-bed independent living center, 48-bed assisted living center, 120-bed nursing care center and 30-bed memory care facility.
Independent and assisted centers allow seniors more autonomous living with aid from professionals when needed, while memory care facilities target people with memory loss.
Citadel Care Centers’ senior living properties include Bronx Gardens, Hudson Pointe at Riverdale Center, Riverdale Rehab and Nursing, and The Plaza Rehab and Nursing Center. All are in New York.
In 2022, The Plaza Citadel Consulting Group, an affiliate of Citadel Care Centers, settled a civil health care fraud lawsuit accusing it of switching Plaza residents’ Medicare coverage type in order to maximize payouts the senior living center can receive from the federal health insurance program. Under the settlement, The Plaza and Citadel agreed to pay nearly $7.9 million and made several admissions, including that they often did not obtain consent from residents or their families to switch Medicare plans, according to the U.S. Attorney for the Southern District of New York.
In South Florida, Friedman paid $15 million in 2019 for the four-story, 32,000-square-foot commercial building at 49 Collins Avenue in Miami Beach. The restaurant Carbone occupies the ground floor.
Senior living facilities have continued to sell in South Florida. The Sunshine State has long been a magnet for retirees, ensuring these properties are well-leased.
This month, Welltower bought the 220-bed Oakmonte Village of Davie at 8201 Stirling Road in Davie for $34.3 million. In September, Focus Healthcare Partners paid $63.8 million for the 377-unit Mariposa assisted living facility at 9130 Hypoluxo Road in unincorporated Palm Beach County.
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