Sarasota, Florida-based not-for-profit Convivial Life has acquired Jacaranda Trace, an independent and assisted living community in Venice, Florida. Built in phases from 1999 to 2015, the community comprises 295 units on 33 acres with a plethora of amenities and activities in close proximity. Convivial plans to take the underdeveloped lots and extra space and utilize that land for additional venues, amenities and activities. As part of the acquisition, Convivial also purchased an 85,000+ square foot clubhouse featuring a fitness center, heated outdoor pool and jacuzzi, an on-site doctor’s clinic, multiple dining venues, billiards and activity rooms, woodworking shop, and a library.
In 2015, Cushman & Wakefield arranged a $52 million secured term loan and a revolving line of credit from Capital One to fund the expansion of the property. Then, in 2019, Cushman & Wakefield, in collaboration with Bridge Structured Finance, returned to Jacaranda Trace to advise the joint venture of Bridge Investment Group and Freedom Management on the refinancing of the campus. Ally Bank provided the debt.
Lifestar Living helped Convivial Life with its second acquisition process of the year. Earlier this year, The Cabana at Jensen Dunes in Jensen Beach, Florida was also acquired by Convivial Life.
