National scope. Local knowledge.
$15,400,000 Acquisition & CapEx Financing
Tequesta, FL | December 2021
Thorofare Capital has funded a $15,400,000 first mortgage for the acquisition, renovation and stabilization of Tequesta Terrace. The property is a 2001-built, 100-unit, 104-bed assisted living and memory care facility in Tequesta, Florida. The loan includes a renovation budge and reserves to carry the property through its stabilization.
Post-acquisition, the Sponsor will implement a renovation program to modernize and enhance the Property’s physical plant while working to implement operational efficiencies by hiring new staff as needed.
Tequesta Terrace offers a variety of amenities including a private dining room for special occasions, activity room, movie theater, fitness center, pub, tiki lounge, library, club room, spiritual gathering room, salon, whirlpool bath, physical therapy rooms and an outdoor courtyard. The Property is well located off Hwy A1A, a major thoroughfare providing North South from Tequesta down to Miami.
Additionally, the facility is located one block from the Indian River, and adjacent to two retail centers with tenants such as Publix Super Market, Marshalls & HomeGoods, Dollar Tree and other restaurant tenants. Tequesta Terrace benefits from being in a high demographic, suburban neighborhood.
The West Palm Beach-based sponsor is led by a team of experienced professionals who collectively have over 70 years of operational and development experience within the senior housing industry. Currently, the sponsor owns and operates four senior living facilities totaling 276 units in California, Minnesota, and Florida.