Meridian Senior Living buys community near Boca Raton for $61M

154-unit senior living facility was built in 2018; property last sold in 2014 for $4.5M

Miami /
Oct.October 03, 2019 05:00 PM
The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

A company tied to Meridian Senior Living paid $60.9 million for a community near Boca Raton.

Property records show CHH GD Boca Realty LLC, managed by Kenneth Assiran, sold the 154-unit senior living facility at 21865 Ponderosa Drive to SOMH Boca Raton Holdings LLC. The buyer financed the deal with a $45 million loan from Capital One.

Assiran is managing principal of Capital Health Group, according to its website. The real estate development and investment firm focuses on independent, assisted living and memory care facilities.

The property, renamed The Meridian at Boca Raton, offers assisted living and memory care services. Meridian Senior Living is managing the complex. The 6-acre property was developed and completed in 2018, according to property records. It last sold in 2014 for $4.5 million.

Senior living has become a huge business, especially as baby boomers are expected to outnumber kids by 2035, according to the U.S. Census.

Developers and investors are increasingly building and trading senior living facilities in South Florida.

In August, a partnership between MRK Partners and R4 Capital bought a Deerfield Beach senior living facility for $24 million. A month earlier, AEW Capital Management sold a 120-unit senior living facility in Cooper City to Artemis Real Estate Partners for $37.5 million.

Earlier this year, Baptist Health South Florida and Belmont Village Senior Living formed a joint venture to develop senior living centers in Coral Gables and elsewhere in South Florida. The first project will be at 250 Bird Road in Coral Gables.


Related Articles

arrow_forward_ios
(Photos courtesy of Uptown Boca)
Amazon Fresh to open 1st Florida store in west Boca Raton
Amazon Fresh to open 1st Florida store in west Boca Raton
Gregory L. Clayman and 4750 Sanctuary Lane, Boca Raton (Linkedin, Google Maps)
Video chat firm president buys waterfront Boca Raton home
Video chat firm president buys waterfront Boca Raton home
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
Sheer Science CEO Jonathan Greenhut. (LinkedIn via Jonathan Greenhut, The Koolik Group / Compass)
Skincare CEO buys lakefront Boca Raton mansion for $5M
Skincare CEO buys lakefront Boca Raton mansion for $5M
Robert Reffkin and Michael Karp (Compass, Linkedin)
Compass acquires BEX Realty’s Florida agents
Compass acquires BEX Realty’s Florida agents
4400 Sanctuary Lane, Boca Raton and Haagen-Dazs founder Reuben Mattus (Google Maps, iStock, Haagen-Dazs)
Sweet sale: Daughter of Haagen-Dazs founders sells waterfront Boca Raton mansion
Sweet sale: Daughter of Haagen-Dazs founders sells waterfront Boca Raton mansion
Omicrom’s Dan Statlander with (clockwise from left) Fountains Center, Boardwalk @ 18th, Grove Centre and City National Park (Omicrom Development)
Here’s what tenants pay at this newly recapitalized Boca Raton mixed-use portfolio
Here’s what tenants pay at this newly recapitalized Boca Raton mixed-use portfolio
Alexander Bafer and 824 Pelican Point Cove, Boca Raton (LinkedIn, Choeff Levy Fischman Architecture)
Former Facebank CEO buys waterfront Boca Raton spec home for $12M
Former Facebank CEO buys waterfront Boca Raton spec home for $12M
arrow_forward_ios

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

Loading...