JLL Capital Markets handled the sale and financing for Wellington Bay, a 283-unit seniors housing community in Wellington, Florida. JLL’s Seniors Housing Capital Markets team procured the buyer, AEW Capital Management, and secured the three-year acquisition loan through Capital One on behalf of the buyer.
Built in 2019, the Class-A Wellington Bay comprises a well-performing 159-unit independent living community and The Lisbet Health Center, which offers 124 assisted living and memory care units. The 45-acre and 749,488-square-foot lakeside campus also offers the ability to expand the IL by an additional 177 units.
According to South Florida Business Journal, the seller was Wellington Bay Propco LLC, a partnership between Los Angeles-based Area Management and Orlando-based ZOM Senior Living. South Florida Business Journal also noted that the purchase price was $100.13 million, or $447,000 per unit, and that the buyer assumed an $81.75 million mortgage with Capital One, however, this has not been confirmed. According to the same source, the project broke ground in 2019 with an $89.03 million construction loan.
