JLL Capital Markets announced that it has completed the sale of HarborChase Wellington Crossing, a 134-unit, Class-A seniors housing community in Wellington, Florida. The seller was SGD Wellington Cross LLC, which is affiliated with Silverstone Senior Living, and the property changed hands through a deed in lieu of foreclosure, according to South Florida Business Journal. The deal was valued at $23.5 million, or $175,400 per unit, based on the outstanding balance of the in-place mortgage. Three years ago, MidCap Financial had refinanced the property with a $25 million floating-rate, first mortgage loan. Today, MidCap is providing a new $17.7 million floating-rate first mortgage loan to fund the deal.
Built in late 2018, HarborChase Wellington Crossing consists of 76 assisted living units and 58 memory care units, with an array of amenities. The buyer plans to execute a significant capital improvement plan over the next 12 months to further enhance and differentiate the community in the submarket.
