DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $74 million sale and secured $48.555 million in financing for Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa, Florida.
HFF marketed the property on behalf of Bayshore Retirement Living. Allegro Senior Living and an undisclosed joint venture partner purchased the asset free and clear of existing debt. Additionally, HFF worked on behalf of the new owners to secure a seven-year, fixed-rate acquisition loan through Protective Life Insurance Company.
Horizon Bay at Hyde Park (Horizon Bay) has a blend of one- and two-bedroom independent and assisted living units averaging 714 square feet each. Completed in 2011, the property is situated on 1.91 acres at 800 West Azeele Street in the high-barrier-to-entry submarket of Hyde Park, which is close to the Westshore Business District and downtown Tampa. Additionally, Horizon Bay benefits from its proximity to Tampa General Hospital, Memorial Hospital of Tampa, and multiple retail and cultural attractions and major thoroughfares, including Interstates 275 and 4, Selmon Expressway and Kennedy Boulevard. With condo-quality finishes, the property is 98 percent leased and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge service.
The HFF seniors housing team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender and director Dave Fasano of HFF’s Dallas office. Local market assistance was provided by associate director Zach Nolan of HFF’s Tampa office. Associate director Sarah Anderson led the team’s debt placement efforts for the buyer-borrower.
About Bayshore Retirement Living: Bayshore Retirement Living is a senior housing development company based in Tampa, Florida, focused on developing innovative best-in-class, next generation institutional quality senior housing communities in the southern United States. Its designs combine the strengths of its two primary principals, Thilo Best and Greg Iglehart. Mr. Best has a long career in the senior housing industry as an owner and operator and former Chairman & CEO of Horizon Bay Retirement Living. Mr. Iglehart has had a similar career in developing high-end multifamily communities at Trammell Crow Residential, where he served as a Division Partner and Gables Residential, where he served as Senior Vice President of Development and Construction.
About Allegro Senior Living: Allegro Senior Living (Allegro) specializes in the development and management of luxury retirement communities, and brings more than 40 years of experience to its role of providing a vibrant lifestyle for seniors who want and deserve more. Allegro creates and sustains distinctive senior living communities, each a unique reflection of the surrounding neighborhood and the discerning seniors who choose to make Allegro their home. Allegro is backed by the substantial experience of its parent company, St. Louis, Missouri-based Love Companies. Since 1875, the Love Companies have provided dependable and stable service in the finance, commercial real estate and banking industries.
About Protective Life Corporation: Protective Life Corporation (“Protective”) is the parent company of 100+ year old Protective Life Insurance Company (“Protective Life”) that has been a source for mortgage loan funding for more than 30 years. Protective’s home office is located in Birmingham, Alabama, and as of September 30, 2016, Protective had assets of approximately $76.2 billion, including a mortgage loan portfolio totaling $5.9 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750, “Dai-ichi”). For more information on Protective, please visit www.Protective.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.