Emerald, Infinite Care purchase North Miami, Tamarac senior rehab centers for $29M

Emerald Group and Infinite Care bought a pair of senior rehabilitation centers in South Florida for a combined $29 million. 

In the bigger deal, an entity led by Lakewood, New Jersey-based investor Yisroel Herzka and tied to Emerald and New York-based Infinite Care paid $18.9 million for the 120-bed Tamarac Rehabilitation and Health Center at 7901 Northwest 88th Avenue in Tamarac, according to records and real estate database Vizzda. The property consists of a 38,200-square-foot, one-story building completed in 1979 on a 3.8-acre site. 

Another entity also led by Herzka and tied to Emerald and Infinite Care bought the 100-bed Pinecrest Rehabilitation Center at 13650 Northeast Third Court in North Miami, according to records and Vizzda. The 30,400-square-foot, one-story building was completed in 1967 on a 2.4-acre site. 

Fort Lauderdale-based NuVision Management, a consultancy for geriatric and pediatric long-term care and rehabilitative service providers, sold both properties, according to Vizzda records. The buyers obtained a $46.6 million Valley Bank loan, which is cross-collateralized across the North Miami and Tamarac properties, as well as other Emerald and Infinite Care properties. 

Tamarac Rehabilitation provides skilled nursing and rehabilitation services to patients who have had strokes or broken bones, its website sites. Pinecrest Rehabilitation offers post-hospital care, skilled nursing and rehabilitation services for various conditions, including pneumonia, heart conditions, bone fractures, joint replacement, strokes, Parkinson’s disease and cancer-related diagnoses, according to its website. 

South Florida’s senior care facilities have continued to trade sporadically, as they are slightly more resilient to macroeconomic conditions such as elevated interest rates and inflation. That’s partly because the state is a magnet for retirees, ensuring continued demand for assisted living, memory care, skilled nursing and rehabilitation centers. 

In April, Welltower real estate investment trust bought the 220-bed assisted and independent living facility Oakmonte Village of Davie at 8201 Stirling Road in Davie for $34.3 million. In June, Garden Healthcare, led by Barry Braunstein and Samuel Feuer, paid $24 million for the 66-acre Eastridge at Cutler Bay at 19301 Southwest 87th Avenue in Cutler Bay. The property offers independent and assisted living, skilled nursing, memory care and rehabilitation services. 

Leo Friedman, a senior living tycoon, bought the 472-unit Abbey Delray senior living facility at 2000 Lowson Boulevard in Delray Beach for $30 million in April.