West Palm Beach Assisted Living Facility Sells for $XX Million
YMP Realty sells 118,169 SF assisted living facility in West Palm Beach, FL to undisclosed buyer with the help of broker Steven Vegh of Westwood Realty Associates and secures $20 million bridge loan from Capital Funding Group.
YMP Realty has sold its 118,169 SF assisted living facility located at 5100 Cresthaven Blvd. in West Palm Beach, FL. The buyer and sale price were not disclosed. The property was listed by Steven Vegh of Westwood Realty Associates.
The property was built in 1985 and sits on a 6.5-acre lot. It features 200 units and offers a range of services including memory care, rehabilitation, and hospice care. The facility was last renovated in 2015.
The seller, YMP Realty, is a privately held real estate investment firm based in New York. The company specializes in the acquisition, development, and management of healthcare properties.
The buyer’s identity remains unknown, but the acquisition was financed with a $20 million bridge loan from Capital Funding Group. The loan will provide the buyer with short-term financing to complete the acquisition and make any necessary improvements to the property.
Steven Vegh, the broker who facilitated the sale, has over 30 years of experience in commercial real estate and specializes in healthcare properties. He has completed over $2 billion in healthcare real estate transactions throughout his career.
Overall, this sale highlights the continued demand for healthcare properties, particularly assisted living facilities, as the aging population in the United States continues to grow. The bridge loan provided by Capital Funding Group also demonstrates the importance of flexible financing options in the commercial real estate market.