BHI, the U.S. branch of Bank Hapoalim, provided a $29.0 million loan for the refinancing of an assisted living and skilled nursing facility in West Palm Beach, Florida. Gold Standard of Care Group, a Florida-based family office with a focus on healthcare and senior care and over $150 million in assets, was the borrower.
Totaling 70,272 square feet, the property was originally built in 1995. Significant renovations were completed in 2023 and 2024. Amenities at the community include a salon, bistro, chapel, courtyard, concierge, game room, gym, library, transportation, lounges, private dining and a spa room. Colonial Assisted Living Management operates the facility.
According to LevinPro LTC, Gold Standard of Care acquired Savannah Court of The Palm Beaches in West Palm Beach, Florida, in 2021. Built in 1995, it comprises 100 assisted living, 14 memory care and 30 skilled nursing beds. Colonial Assisted Living Management took over operations post acquisition. The seller, National Health Investors, received $14.0 million, or $97,200 per bed. Greystone arranged acquisition debt on behalf of Gold Standard of Care. More details, like the cap rate and cash rental income, can be found on LevinPro LTC.
Gold Standard of Care, with developer BH Group, recently acquired Atrium at Boca Raton in Boca Raton, Florida, and The Sterling Aventura in Aventura, Florida, from Blackstone. The Boca Raton community comprises 160 assisted living units and was built in 1989. See what the joint venture buyer paid for that asset on LevinPro LTC. The Aventura community comprises 171 assisted living and memory care units and was built in 2002. The purchase price can be found on LevinPro LTC here.The in-place operator, Colonial Assisted Living, will continue managing both communities.
