CareRite Pays $ 35 Million for South Miami-Dade Nursing Center


Coral Reef Subacute Care Center (Google Maps)

CareRite Centers bought a nursing home and rehabilitation center in southern Miami-Dade County for $ 35 million.

CareRite, based in Englewood Cliffs, New Jersey, through an affiliate, purchased the property at 9869 Southwest 152nd Street, records show. The buyer borrowed $ 30.1 million from VNB New York.

Seller Del Sol Realty Holding is managed by Michael Silberberg.

The facility has 79 beds in 180 units and spans 5.9 acres, according to property records.

CareRite has renamed the facility Coral Reef Subacute Care Center, according to its website. The center was previously called Coral Reef Nursing & Rehabilitation Center.

Mark Friedman is director and co-founder of CareRite. The group has facilities in New York, New Jersey, Tennessee and four in South Florida, including the Coral Reef Subacute Center, according to its website. The other three in the region are The Encore at Boca Raton Rehabilitation and Nursing Center, Palmetto Subaigu Care Center, and Jupiter Rehabilitation and Healthcare Center.

The Coral Reef Subacute Center is located just west of Jackson South Medical Center and northwest of the independent living, assisted living and memory care facility development site. Royal Senior Care is developing the installation of three buildings and 200 units on three lots, with the help of a construction loan of $ 41.9 million.

Assisted living centers as well as memory, nursing and rehabilitation centers in Florida have seen investment selling activity in recent months, especially in light of the Sunshine State being a popular retirement destination.

Boca Raton-based PrivCap Companies sold the Midtown Manor assisted living facility in Hollywood for $ 9.7 million in March. In June, Lone Star Funds purchased two senior housing complexes in Palm Beach County for a total of $ 57 million, as part of a portfolio deal of 10 properties in Florida, Georgia and the United States. Texas.

In December, New York-based real estate investment company Eagle Arc purchased the 99-bed Boynton Health Care Center near Boynton Beach and the 120-bed Royal Palm Beach Health and Rehabilitation Center in Royal Palm Beach, for a total amount. of $ 36.4 million.


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