Palace Group scores $95M loan for senior living community in Weston

320-unit development is expected to open in 2019

Miami /
Apr.April 04, 2018 11:30 AM

Renderings of Palace at Weston and Jacob and Helen Shaham (Credit: The Palace Group)

Retirement community operator and developer the Palace Group just closed on a $95 million construction loan for a luxury senior living complex in Weston, property records show.

TD Bank is the lender for the 320-unit Palace at Weston. Holland & Knight partners Elena Otero and Joe Dewey negotiated the loan on behalf of TD Bank.

Helen Homes of Weston Development LLC, led by Jacob Shaham, paid $15 million for the eight-acre development site at 16025 Emerald Estates Drive in 2006. Shaham and his wife Helen founded the Palace Group, which owns and operates senior living facilities and services Miami, Coral Gables, Kendall, Homestead and Tel Aviv.

The Palace at Weston will feature independent living, assisted living and memory care units. Apartments will feature kitchens, housekeeping services, hurricane-impact glass and emergency generators. Amenities will include a fitness center, transportation services, a beauty salon and a pool and garden.

Palace Group plans to break ground this month and deliver the development next year. Preleasing will start by the end of this year.

Senior and assisted living facilities continue to capture the attention of developers as baby boomers age into retirement and the demand for them increases.

Welltower, a health care real estate investment trust, recently paid $130 million for a senior living community in Boca Raton. Codina Partners is also bringing senior and assisted living developments to Downtown Doral, a mixed-use, master-planned community.


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...