Healthpeak sells Boynton Beach senior living property for $56M

317-bed facility sold for $177K per unit

Miami /
Dec.December 30, 2019 12:30 PM
Discovery Village at Boynton Beach and Michael Trieber of White Oak Healthcare Finance (Credit: Google Maps, White Oak)

Discovery Village at Boynton Beach and Michael Trieber of White Oak Healthcare Finance (Credit: Google Maps, White Oak)

Healthpeak Properties sold a senior living development in Boynton Beach for $56 million.

The real estate investment trust, which focuses on life science, senior housing and medical office, sold the 317-bed Discovery Village at Boynton Beach to WOJV Boynton Beach LLC, an affiliate of White Oak Global Advisors’ White Oak Healthcare Finance.

The buyer secured $55 million in financing from the seller, which included $10 million for renovations to to the property. The overall loan-to-value ratio was 80 percent. Michael Treiber, managing director of White Oak Healthcare Finance, signed the mortgage.

Included in the deal is the 93-unit building at 4733 Northwest Seventh Court, which was built in 2000, and the 224-unit building at 4735 Northwest Seventh Court, built in 1993. Records show they last sold in 2004 for nearly $49 million.

Earlier this year, White Oak launched its healthcare vehicle with plans to invest up to $500 million on investments in senior housing and nursing properties.

Discovery Senior Living manages the Boynton Beach facility. The property offers independent living, assisted living and memory care services, according to its website.

Senior living is growing in Palm Beach County. In October, United Group bought a site in Palm Beach Gardens for $8.3 million, with plans to build a senior living facility.

Meridian Senior Living paid nearly $61 million for The Meridian at Boca Raton, a 154-unit senior living development with assisted living and memory care services.

Editor’s note: This article has been clarified to reflect that the overall financing package was at an 80 percent loan-to-value rate. 


Related Articles

arrow_forward_ios
KKR sells Boynton Beach warehouses to Oxford Properties for $16M
KKR sells Boynton Beach warehouses to Oxford Properties for $16M
KKR sells Boynton Beach warehouses to Oxford Properties for $16M
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
The Villas of Boynton Beach (Woodward Properties)
Woodward Properties buys Boynton Beach multifamily for $13M
Woodward Properties buys Boynton Beach multifamily for $13M
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
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
arrow_forward_ios

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

Loading...