$130 million was just spent on the purchase of a senior living community in Boca Raton. The purchaser – Welltower – is a Toledo health care REIT and made the deal as part of a larger $368 million package for an additional four senior communities in Arlington, Charlottesville, Silver Spring and Virginia.
And Ziegler Financing Group (ZFC) closed on the $94.3 million refinancing at Gainesville’s not-
for-profit Village (sponsored by SantaFe Senior Living). According to ZFC
“By taking a unique approach to the Section 232 board and care criteria, this loan accomplished the largest refinance of a single-asset senior housing community in [the Department of Housing and Urban Development's] portfolio.”
ZFC said the unlicensed units met the Department of Housing and Urban Development Board’s care criteria since there has been an increase in care services from many independent living residents at reduced levels of senior living.
Welltower and Ziegler might be forced to encounter some additional expenses with this purchase. Gov. Rick Scott is about to receive a bill that will require Florida’s assisted living communities to buy backup generators and have fuel on site. According to Florida’s Department of Elder Affairs, his would come at an additional $243 million price tag over the next five years for operators.