A joint venture between Welltower Inc. and Revera Living scored a $25.2 million construction loan for its Sunrise of Boynton Beach senior living facility in Palm Beach County.
Welltower, a Toledo, Ohio-based real estate investment trust, and Revera, based in Ontario, Canada, secured the loan from SunTrust Bank to start construction on a vacant 5.3-acre site at 10605 South Jog Road, property records show. The community will total about 71,000 square feet with about 82 units. It will offer assisted living and memory care for people living with Alzheimer’s, dementia, and other forms of memory loss, according to its website.
Sunrise of Boynton Beach Propco LLC purchased the property for $3 million in 2018, records show. Sunrise Senior Living will manage the facility, a spokesperson said. It is expected to welcome its first residents in the summer of 2020, according to a spokesperson.
Developers and investors are seeking to build new senior living facilities in South Florida to keep up with growing demand.
Revera owns or operates more than 500 properties across Canada, the United States and the United Kingdom. It owns three other senior living facilities in Florida, including one in Boca Raton.
Welltower mostly invests in senior housing, assisted living and memory care communities, post-acute care facilities and medical office buildings, as well as hospitals.
Last year, Welltower paid $130 million for a senior living community in Boca Raton.
In Weston, Palace Group is building a luxury 320-unit senior living complex called Palace at Weston.