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Eagle Arc buys South Florida nursing facilities for $36M
Sellers paid $18M for the properties in 2012
New York-based real estate investment firm Eagle Arc spread its wings with the purchase of two South Florida nursing facilities for $36.41 million.
The company, formerly known as BM Eagle Holdings, bought the 99-bed Boynton Health Care Center near Boynton Beach for $16.46 million, according to records. The skilled nursing facility is at 7900 Venture Center Way.
The Boynton facility charges $370 per day for a semi-private room, according to records. In June it was fined $3,000 for lacking paperwork related to its emergency management plan.
Eagle Arc also bought the 120-bed Royal Palm Beach Health and Rehabilitation Center at 600 Business Park Way in Royal Palm Beach for $19.95 million, according to records. The daily rate there is $295. Both nursing homes are for-profit.
The sellers are companies that share a White Plains, New York, address with skilled nursing facility consultancy and services provider Health Care Navigator as well as with Halcyon Rehabilitation, a physical, occupational and speech language therapy center.
Health Care Navigator principal Eric Roth signed the deeds. The company is also affiliated with health care investor Harris Schwartzberg.
The Health Care Navigator affiliates bought the two homes in 2012 for a total of $17.78 million. They paid $8.4 million for the Royal Palm Beach facility and $9.36 million for the one near Boynton Beach, according to records.
Earlier this month, Eagle Arc, led by Elliott Mandelbaum, closed on a $317.5 million loan from Capital Funding Group to buy 20 skilled nursing facilities, 18 of which are in Florida, according to a press release. It was not clear if the Boynton Beach and Royal Palm Beach purchases are part of the deal.
Senior health care facilities in South Florida continue to sell despite Covid-19, which is more dangerous for the elderly. Recent sales include a South Florida real estate investment company buying an assisted living facility in Margate for $7 million.
Last month, a health care magnate made his sixth nursing home purchase in two years, buying a 245-bed facility in North Miami for $24 million.
And earlier this year, The Jewish Federation of South Palm Beach County sold an affordable senior housing complex in Boca Raton to Fairstead for $33.75 million.