Shibu Scaria Acquires 205-Bed Senior Housing Facility In Pompano Beach For $17.9M

The Residences at Pompano Beach, a senior housing asset consisting of 205 beds, was sold for $17.9 million. This facility, built in 1984, spans 2.84 acres and is located at 295 Southwest 4th Avenue & 459 Southwest 3rd Street in Pompano Beach, Florida.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $17,900,000
• Buyer: Shibu Scaria
• Seller: Mordechai Weisz - Grand Court W Propco LLC
• Lender: Dade County Federal Credit Union
• Mortgage Amount: $12,300,000
• Seller Financing: $1,500,000

A company under the management of Shibu Scaria executed the acquisition of the assisted-living facility from a Montvale-based entity led by Mordechai Weisz. The transaction included financing through a mortgage and seller financing to complete the deal.