Welltower, Revera score construction loan for senior living in Boynton Beach

5-acre complex will offer assisted living and memory care

Miami /
Feb.February 04, 2019 01:30 PM

A rendering of Boynton Beach Sunrise

A joint venture between Welltower Inc. and Revera Living scored a $25.2 million construction loan for its Sunrise of Boynton Beach senior living facility in Palm Beach County.

Welltower, a Toledo, Ohio-based real estate investment trust, and Revera, based in Ontario, Canada, secured the loan from SunTrust Bank to start construction on a vacant 5.3-acre site at 10605 South Jog Road, property records show. The community will total about 71,000 square feet with about 82 units. It will offer assisted living and memory care for people living with Alzheimer’s, dementia, and other forms of memory loss, according to its website.

Sunrise of Boynton Beach Propco LLC purchased the property for $3 million in 2018, records show. Sunrise Senior Living will manage the facility, a spokesperson said. It is expected to welcome its first residents in the summer of 2020, according to a spokesperson.

Developers and investors are seeking to build new senior living facilities in South Florida to keep up with growing demand.

Revera owns or operates more than 500 properties across Canada, the United States and the United Kingdom. It owns three other senior living facilities in Florida, including one in Boca Raton.

Welltower mostly invests in senior housing, assisted living and memory care communities, post-acute care facilities and medical office buildings, as well as hospitals.

Last year, Welltower paid $130 million for a senior living community in Boca Raton.

In Weston, Palace Group is building a luxury 320-unit senior living complex called Palace at Weston.


Related Articles

arrow_forward_ios
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
500 Ocean Apartments  at 101 South Federal Highway, Boynton Beach (Photo via LandSouth Construction)
Avanti buys Boynton Beach apartments for $105M
Avanti buys Boynton Beach apartments for $105M
American Land Ventures President Granvil Tracy and Isram Realty founder and chair Shaul Rikman with 630 East Woolbright Road (Google Maps)
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
2828 South Seacrest Boulevard with ShareMD executives John Bardis and George Scopetta (Google Maps, LinkedIn)
ShareMD buys Boynton Beach medical office building for nearly $7M
ShareMD buys Boynton Beach medical office building for nearly $7M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
arrow_forward_ios

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

Loading...