Newland Realty Capital, a healthcare real estate advisory and investment firm founded by Kayne Anderson veteran Max Newland in 2024, announced its first acquisition for a large community in Lantana, Florida. Known as Carlisle Palm Beach, the community was originally built in 1999 with 290 independent living, assisted living and memory care units. It has traded a few times over the years, passing from Starwood to AEW and more recently (in 2017 according to LevinPro LTC) to Bridge Investment Group. Since that acquisition, Bridge has invested in significant capex and had its affiliate Bridge Senior Living take over operations in 2023. It currently features 277 units, with a majority serving IL residents.
Newmark represented Bridge in the transaction, which closed at the end of March. Newland Realty Capital acquired the property in partnership with Cerberus Capital Management for a total of $87.5 million, or $315,900 per unit. Newmark also arranged bank financing totaling $56 million to fund the deal. Liberty Senior Living has taken over operations and will look to improve occupancy.
With its prime location across the street from the Atlantic Ocean, the community is primed to be a very high-end option for seniors in the area, and Newland will pursue a significant capex project to upgrade the community and reposition it as a luxury Class-A asset.
