Florida Senior Housing Community Lands $40M Equity Raise
The property offers a variety of living arrangements and care options.
Seascape at Naples, a 196-unit senior housing community offering independent living, assisted living and memory care in Naples. Fla. has received a $40 million recapitalization in an all-cash equity raise carried out by Cushman & Wakefield. The broker worked on behalf of Distinctive Healthcare, a provider of management and development services to senior living facilities with over 40 properties across the U.S.
John Alascio, Aaron Graves and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured Finance group worked with the borrower, along with seniors housing specialists Jason Skalko from Cushman’s Investment Sales team and David Young of Greystone.
Residences at Seascape include walk-in showers, closet space, included utilities and open concept layouts. While floorplans depend on type of living arrangements, studio to two-bedroom apartments ranging from 411 square feet to 833 square feet are available for assisted living care. Independent living residences include one- to two-bedroom layouts between 833 square feet to 1190 square feet, and memory care residences range from 268 to 359 square feet. Rents for these apartments vary from $4,000 to $6,185, depending on the type of care and unit.
The property features different community amenities and a distinctive dining program that offers residents restaurant-style dining in addition to personalized dietary care and nutrition. Additionally, Seascape at Naples includes spa facilities, housekeeping and laundry services, on-site medical care, a heated swimming pool and a library.
Located at 3490 Thrive Dr. in Naples, Seascape is central to various local green spaces and walkways such as Weinman Park, the Kensington Golf & Country Club and Wyndemere County Club, all within 5 miles of the property. The Pine Ridge Crossing shopping center is a mile and a half away.
Senior housing investments funds closing out
The senior housing market saw boom in occupancy rates from the first quarter of 2024 and the first quarter of this year. While demand is high, occupancy is expected to remain a cut above new supply, with rent prices increasing.
While the construction pipeline for senior housing is well below the projected demand, activity in the sector remains ever-present. Earlier in June, Locust Point Capital closed its Locust Point Private Credit Fund III with $668 million. This represents a 56 percent increase from its previous senior housing investment vehicle. The company has raised more than $1 billion in funds for senior housing projects over the last decade.
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Last week, PNC closed a $208 million LIHTC Fund set to go towards the construction and rehabilitation of over 2,000 units. Some of the funds will be used to rehabilitate the Albert Einstein Residence Center in Sacramento, Calif. and Stiegel School Apartments in Manheim, Penn. Some of the funds will be earmarked for affordable housing projects across the nation.
