Palm Beach Gardens assisted living facility lands $24M loan

Dallas-based Silverstone Healthcare closed on $24 million in financing for the development of an assisted living facility in Palm Beach Gardens, county records show.

SGD Palm Beach Gardens, an affiliate of the healthcare company, is the borrower. The LLC paid $4.6 million for the vacant property in March, according to Palm Beach County records. Texas Capital Bank is the lender.

The 13.7-acre site, at 5900 Central Gardens Way in Palm Beach Gardens, received approval for a 140-bed facility earlier this year. It’s part of a larger development, the Palm Beach Post previously reported.

Silverstone develops, owns and manages Class A senior housing across the United States, according to its website. It has communities in Wellington, Florida and in Texas.