Palace Group Secures $42 Million Loan From TD Bank For Nursing Home In Homestead Florida

The property involved is a nursing home and rehabilitation center located at 3100 Northeast 8th Street in Homestead, FL. The asset spans 5.06 acres, featuring a total square footage of 127,893 and comprising three stories. The loan secured for this facility amounts to $42 million and is designated for construction purposes.

Summary of transaction details:

• Property Type: Nursing Home
• Transaction Amount: $42,000,000
• Address: 3100 Northeast 8th Street
• Market: Homestead, FL
• Asset Size: 5.06 acres
• Square Footage: 127,893
• Lender: TD Bank
• Landlord: Jacob Shaham - Palace Group
• Facility Capacity: 240 beds
• Amenities Size: 30,850 square feet
• Existing Property: Homestead Manor

The construction loan was led by Jacob Shaham, the CEO of Palace Group, which is set to replace the group's existing nursing home, Homestead Manor. The new facility will incorporate an extensive range of amenities to enhance the living and rehabilitation experience for residents.