Healthpeak sells Boynton Beach senior living property for $56M

317-bed facility sold for $177K per unit

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. 

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