Tampa Senior Housing Community Lands New Owner
HFF facilitated the transaction on behalf of the seller and arranged an acquisition loan on behalf of the borrowers.
By Veronica Grecu
Tampa—A joint venture between St. Louis, Mo.-based Allegro Senior Living and an undisclosed partner recently purchased Horizon Bay at Hyde Park, a senior housing community located in the Hyde Park Historic District of Tampa. The 136-unit property, which was 98 percent occupied at the time of sale, was purchased free and clear of existing debt.
An HFF team led by Senior Managing Directors Ryan Maconachy and Chad Lavender and Director Dave Fasano represented the seller, Bayshore Retirement Living, in the $74 million transaction. Associate Director Sarah Anderson led the team’s debt placement efforts for the new owners and secured $48.6 million in financing for the property. The seven-year, fixed-rate acquisition loan was provided by Protective Life Insurance Company.
Located on slightly less than two acres at 800 W. Azalee St. in one of Tampa’s most desirable neighborhoods, Horizon Bay at Hyde Park was completed in 2011. The six-story, 153,000-square-foot community designed by CGHJ Architects offers a combination of one- and two-bedroom independent and assisted living units averaging 714 square feet in size and featuring condo-quality finishes. Common amenities include a full-service bar and lounge, a restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, library, wellness center, heated swimming pool, library, media room and concierge service.
The community also offers easy access to South Tampa’s shopping, dining and cultural destinations. Horizon Bay at Hyde Park is also close to Tampa General Hospital and Memorial Hospital of Tampa, s well as Interstates 275 and 4, Selmon Expressway and Kennedy Boulevard.