Citadel Care Centers has broken ground on a new skilled nursing facility in North Miami Beach after obtaining a $50.9 million loan from PNC Bank.

The financing is tied to a 3.2-acre development site spanning an entire block at 1800 and 1875 Northeast 167th Street, near Northeast 19th Avenue. The property is approximately three miles south of Aventura.

Plans call for a four-story healthcare facility with an accompanying parking garage. The site currently includes the 50,088-square-foot Aventura Plaza Rehabilitation & Nursing Center, which occupies roughly half of the property. It has not been disclosed whether that building will remain as part of the completed project.

The development comes amid continued growth in Florida’s older population and improving senior housing fundamentals. The state’s senior population is projected to increase by approximately 4 percent annually through 2030, while senior housing occupancy surpassed 90 percent during the first quarter of 2026. That compares with occupancy of about 80 percent five years earlier.

Investor interest in South Florida senior care properties also remains active. Recent transactions include Healthpeak Properties’ acquisition of a 136-unit Boynton Beach facility for at least $62 million and PGIM Real Estate’s sale of a seven-acre retirement community property in Delray Beach for at least $140 million.

Citadel Care Centers is based in New York and operates skilled nursing and rehabilitation facilities in several states.

Source: Commercial Observer