A Margate assisted living facility traded hands for $16 million.
Property records show an entity led by Yanir Shrmaryou, president of Livewell Senior Living, sold the facility at 5850 Margate Boulevard. The buyer is an entity led by Hector Fernandez who heads Miami-based Reign Senior Residences.
Fernandez financed the purchase with a $12.9 million mortgage from Old Second National Bank, records show.
The 58,409-square-foot, 140-bed facility was built in 1971 on a 3-acre property. The sale price breaks down to $274 per square foot.
The assisted living facility last sold for $7 million in 2014, records show.
Neither Livewell Senior Living nor RSR Senior Residences responded to requests for comment. According to its website, Miami-based Reign Senior Residences also owns and operates the assisted living facility at 9355 Southwest 158th Avenue in Miami.
Source: The Real Deal