Blackstone held a fire sale on an Aventura senior living facility, selling the site for a $36.5 million discount.
Aventura-based BH Group, led by Isaac and Liat Toledano, and Fort Lauderdale-based Gold Standard of Care bought Sterling Aventura at 2777 Northeast 183rd Street in Aventura for $12 million, a source close to the transaction told The Real Deal. New Wave Loans provided financing for the buyers.
The joint venture paid 75 percent below the previous sale price eight years ago.
Blackstone, led by Stephen Schwarzman, bought the property for $48.9 million in 2017, records show. At the time, the purchase was part of a $154.7 million portfolio deal that included three other assisted living facilities in Boca Raton, Jupiter and Hollywood.
Sitting on a 1.8-acre site, Sterling Aventura is an eight-story project with 171 units completed in 2001, records show. The property is part of a larger nationwide sell-off of senior living facilities with 9,000 units that has saddled Blackstone with more than $600 million in losses, The Wall Street Journal reported.
In March, Blackstone entered into a loan modification agreement with Wilmington Trust, as trustee for Wells Fargo, for a $35 million loan that Blackstone had taken out on the senior living facility in 2017, records show.
In September, Blackstone paid nearly $300 million for the East Miami hotel in Miami’s Brickell neighborhood.
Founded in 2008, Gold Standard of Care has more than $150 million in real estate assets entailing 1,185 senior living units spanning two million square feet, according to the company’s website.
BH is among the most active real estate development and investment firms in South Florida. Recently, the city of Fort Lauderdale approved plans by BH and its partners, Coconut Grove-based Related Group and Boca Raton-based Pebb Enterprises, to redevelop The Quay at 17th Street, a waterfront retail and office plaza with a six-yacht marina into a Live Local Act multifamily project.
The joint venture is planning The Quay, a 33-story project with 521 apartments along with 5,000 square feet of commercial space and more than 750 parking spaces. The developers are setting aside 217 units for affordable and workforce housing,
