Chicago Pacific Founders appears to be wrapping up 2019 with its sixth acquisition of the year, and eighth added property. The target was a 113-unit assisted living/memory care community in Naples, Florida, located just three miles from the city’s Fifth Avenue District and near shopping centers, medical facilities and entertainment venues. It was previously owned by Prevarian Senior Living and operated by Visiting Nursing Management Company.
Terms of the deal weren’t disclosed, but CPF will invest in improvements at the property and will have Grace Management take over as operator. Chicago Pacific’s previous acquisitions this year included two in Arizona, two in Texas and a three-property portfolio deal in the Pittsburgh, Pennsylvania area.
Peter Trazzera and Patrick Gilbreath of KeyBank Real Estate Capital’s Institutional Healthcare Group structured an $18.1 million bridge loan to fund the acquisition.
