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.