Greystone Real Estate Advisors Closes $21.5 Million Sale of 245-Unit Florida Seniors Housing Community
October 26, 2016
Greystone Real Estate Advisors group announced it closed the $21,500,000 sale of Wyndham Lakes in Jacksonville, FL. A private equity group purchased the seniors housing property from a publicly-traded REIT on October 19. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.
Formerly operated by Brookdale Senior Living, Wyndham Lakes is a 245-unit assisted living, independent living, and memory care community situated on 14 acres of land. The facility is 160,970 square feet and offers a variety of amenities including a library, game room, arts and crafts space, media room, general store and beauty/barber shop. The community consists of 12 residential buildings and one common area structure. Over the past three years, the previous owner has invested in updates to the resident units, common areas, and building exteriors.
Greystone’s Debt and Structured Finance Team, led by Cary Tremper, arranged the acquisition financing through a regional bank. This non-recourse debt provided a low rate with prepayment flexibility to meet the client’s financing objectives.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, assisted living, memory care, and skilled nursing facilities.