ZOM Living & Watermark Acquire Sites for Two Luxury Senior Living Communities in South Florida

Miami, FL– As demand for rental senior housing intensifies in South Florida and across the U.S., ZOM Senior Living and Watermark Retirement Communities have closed and are preparing to break ground on two new developments in South Florida that will deliver a combined 350 luxury rental apartments for seniors in Coral Gables and West Palm Beach, Florida. The acquisitions of the two development sites, located at 300 Greco Ave in Coral Gables, and 401 Datura St in West Palm Beach, were completed on June 30, 2020. Construction of both projects is expected to begin later this Summer.

The acquisitions pave the way for ZOM Senior Living’s second and third luxury rental senior living communities in Florida, following a 424-unit development already underway in Wellington. With a 42-year history, ZOM Living has developed nearly 22,000 apartment units nationwide with an aggregate value of $4.3 Billion. Currently, the company has 6,700 units under construction or in design and predevelopment, including 774 units in the senior living space.

The demand for senior living is expected to steadily increase over the next two decades across the country. An estimated 881,000 new units will be needed between now and 2030, including about 36,000 this year and another 41,000 in 2021, according to an analysis from the National Investment Center for Seniors Housing & Care.

“At ZOM Living, we recognize the demand for senior living communities as our population over the age of 65 is set to grow by more than 10,000 people per day through 2035, moving over 50 million into that age bracket. This is fueling pent-up demand for rental units catering to seniors seeking an active lifestyle in walkable neighborhoods close to shopping, dining, entertainment and cultural offerings,” said Greg West, CEO of ZOM Living.

“We are excited to partner with Watermark, an innovative and best-in-class operator, for the development of these two urban senior communities,” said Brett Gelsomino, Vice President of ZOM Senior Living. “We look forward to setting a new standard for senior living, beginning here in South Florida, and expanding to other markets across the country.”

Watermark Retirement Communities is a leading national senior housing operator with over 30 years of experience. Watermark manages 63 communities across 21 states including four developments nearing completion. Watermark’s portfolio includes locations in Napa Valley, Westwood, Beverly Hills, Corona del Mar, Oakland, Carmel and Dana Point in California; Brooklyn Heights in New York City; Fairfield County, Connecticut; Houston, Austin, Dallas and Frisco in Texas; Bellevue, Washington; and Tucson and Scottsdale in Arizona.  Coral Gables and West Palm Beach represent Watermark’s 5th and 6th community in Florida with additional projects planned in the near future.

“At Watermark Retirement Communities, we understand the need for senior living that embraces a spirited lifestyle of renewal and engagement with luxurious surroundings in premium locations.  Our new Florida communities in partnership with ZOM Senior Living will provide exceptional environments for our programs focused on transformative aging,” said David Barnes, CEO of Watermark Retirement Communities.

“We are honored to have the opportunity to partner with ZOM on these two unique projects located in their backyard of South Florida.  We believe we will be delivering an exciting product offering that is currently lacking in these underserved and growing markets,” said Bryan Schachter, Chief Investment Officer for Watermark Retirement Communities.

The Watermark at Merrick Park, will comprise 196 units including independent living, assisted living, memory care, and 50,000 square feet of amenities. The site is bound by LeJeune Road to the west and Ponce de León Boulevard to the east, and immediately adjacent to the Shops at Merrick Park. Located half a block south of Clematis Street and across the street from the Brightline Train Station in the heart of downtown, The Watermark at West Palm Beach is a 154-unit senior living rental community, also providing independent living, assisted living and memory care and 30,000 square feet of amenities.

Both communities will feature a rooftop pool and sky lounge, wellness center, spa and salon, art gallery, multiple dining venues including a gourmet restaurant and casual bistro, sports bar, library, and business center. They will also offer garage parking with valet service, as well as complimentary transportation services in luxury motor cars and concierge services.

Construction financing for the West Palm Beach development is being provided by M&T Bank, while the project in Coral Gables is being financed by PNC Bank. The projects are designed by MSA Architects and Lemay-Escobar Design. Construction for West Palm Beach is by Verdex Construction, while Coral Gables will be constructed by Kast Construction.

For more details on the Coral Gables and West Palm Beach developments, please visit www.ZOMLiving.com.

Greystone Acquires Portfolio of 13 Healthcare Facilities in Illinois and Missouri

NEW YORK, NY–Greystone, a long-time healthcare facility owner and operator, announced the acquisition of a 13-facility portfolio comprised of 12 skilled nursing facilities and one supportive living community across Illinois and Missouri in early February. The Rosewood portfolio of properties was acquired from the Department of Housing and Urban Development for an undisclosed amount.

The 1,662-bed portfolio includes the following facilities, rebranded and managed by Greystone Healthcare Management-Midwest LLC, an affiliate of Greystone Healthcare Management Corp., which manages over 30 health and rehab facilities in Florida:

  • Rosewood Care Center of Alton, IL (Madison County) now named Riverside Rehab & Healthcare;
  • Rosewood Care Center of East Peoria, IL (Tazewell County) now named Lakeside Rehab & Healthcare;
  • Rosewood Care Center of Edwardsville, IL (Madison County) now named Care Center at Center Grove;
  • Rosewood Care Center of Elgin, IL (Kane County) now named Fox River Rehab & Healthcare;
  • Rosewood Care Center of Inverness, IL (Cook County) now named Inverness Health & Rehab;
  • Rosewood Care Center of Joliet, IL (Will County) now named Lakeshore Rehab & Healthcare;
  • Rosewood Care Center of Moline, IL (Rock Island County) now named Centennial Rehab & Healthcare;
  • Rosewood Care Center of Northbrook, IL (Cook County) now named Lake Cook Rehab & Healthcare;
  • Rosewood Care Center of Peoria, IL (Peoria Cunty) now named University Rehab at Northmoor;
  • Rosewood Care Center of Rockford, IL (Winnebago County) now named Carriage Rehab & Healthcare;
  • Rosewood Care Center of St. Charles, IL (Kane County) now named Dunham Rehab & Healthcare;
  • Rosewood Care Center of St. Louis, MO (St. Louis County) now named Crest View Rehabilitation and Healthcare Center; and
  • Foxes Grove Supportive Living of Wood River, IL (Madison County), which will retain its existing name.

“Greystone has decades of experience in the skilled nursing industry, and our priority has always been the quality of care we provide to residents,” said Stephanie Handelson, CEO, Greystone Healthcare Management. “We believe we bring the best combination of expertise and operational oversight to the market. Greystone is excited to be expanding its footprint as a high-quality care provider to both Illinois and Missouri.”

To support the expansion, Vince McGowen has joined Greystone Healthcare Management as Senior Vice President of Operations, Midwest. McGowen comes to Greystone with over 25 years of healthcare sector expertise, much of that experience based in the Midwest.

Greystone Healthcare Management Corp., an affiliate of newly formed Greystone Healthcare Management-Midwest LLC,  headquartered in Tampa, FL, manages a healthcare network comprised of over 30 skilled nursing and assisted living communities, outpatient rehabilitation, home health and private duty agencies. Greystone is committed to providing only the highest quality customer service and person-centered patient care.

Tryko Partners Acquires Three Skilled Nursing Facilities in Virginia

ALEXANDRIA/RICHMOND/COLONIAL BEACH, VA–Continuing its strategic growth in the Mid-Atlantic region, Tryko Partners has acquired three skilled nursing facilities in Virginia. The additions represent a geographic expansion for the Brick, N.J.-based private equity investment firm.

The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each provides post-hospital care, short-term rehab and long-term residential care. Tryko plans to invest a total of close to $9 million for renovations and programming enhancements at the facilities.

“This purchase marks our foray into Virginia, and the combined, 563 bed count has enabled us to immediately establish a significant footprint in this desirable market,” said Tryko’s Uri Kahanow, director of acquisitions. “For us, this region is a natural progression, given that we have a well-established skilled nursing presence in Maryland and other key Mid-Atlantic markets to the north.”The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each provides post-hospital care, short-term rehab and long-term residential care. Tryko plans to invest a total of close to $9 million for renovations and programming enhancements at the facilities.

Located at 2729 King St. in Alexandria, Woodbine has the largest licensed capacity in Virginia. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit.

Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is located at 1776 Cambridge Drive in Richmond. The 69,358-square-foot, two-story building sits on a five-acre parcel and is within a 15-minute drive of two local area hospitals. The facility offers both private and semi-private rooms.

Westmoreland, located at 2400 McKinney Blvd. in Colonial Beach, is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, and a rehabilitation wing.

The three facilities have retained the services of Marquis Health Services, Tryko Partners’ healthcare affiliate. The highly skilled and vision-driven nursing home administrative services company currently supports Mid-Atlantic and New England facilities totaling nearly 4,500 skilled nursing and assisted living beds, as well as more than 2,000 independent living units. Together with a carefully assembled team of clinical, compliance and financial consultants, Marquis and its new member facilities will create specialized programming to better meet local healthcare needs.

M&T Bank, a repeat partner for Tryko Partners, provided purchase financing for the Virginia acquisition. “Tryko Partners continues to exercise a highly selective approach to expanding its skilled nursing portfolio, and the opportunity to add these three assets was an attractive – and logical – ‘next step’ geographically,” noted M&T Bank’s Christian Montgomery, vice president – senior health care relationship manager. “We always appreciate the opportunity to work with established, growing clients like Tryko and, ultimately, support them in executing their plans.”

In addition to investing in skilled nursing facilities, Brick, N.J.-based Tryko Partners also purchases multifamily properties and tax liens along the Eastern Seaboard and in the Midwest. Founded in 1989, the company has established successful, long-term partnerships with both individual and institutional investors, as well as a wide network of relationships with financing entities.