Loading
BUYER: Nelson Brothers New Port Richey ALF LLC (Nelson Brothers Professional Real Estate LLC), Aliso Viejo, Calif.
SELLER: Emerichip New Port Richey LLC
PROPERTY: 5539 Charles St. and 5351 Gulf Drive, New Port Richey
PRICE: $4.56 million
LAW FIRM ON DEED: Riddell Williams PS, Seattle
PLANS, DESCRIPTION: Aliso Viejo, Calif.-based Nelson Brothers Professional Real Estate LLC purchased the 100-bed Emeritus at New Port Richey for $4.56 million.
The price equated to $45,550 per bed.
The California investor group acquired the assisted-living facility to lease it to New York City-based senior-housing operator Premier Senior Living LLC, which purchased the business. The property is being renamed the Summit at New Port Richey.
“We will be taking down some of the older trees out there because they have been weighing on the roof and lifting up the foundation,” says Bob Borsody, co-owner of Premier Senior Living. “We will also be repairing the roof and foundation. Aside from that we really plan to just spruce it up and do some maintenance.”
Premier Senior Living doesn't plan to change the facility's business operations, Borsody says.
In May, Nelson Brothers purchased the Summerville at Venice assisted-living facility after Premier Senior Living purchased that business.
Premier Senior Living currently owns and operates eight other senior-care facilities, principally in New York and Ohio.
Borsody says the senior-living operator is in negotiations to acquire centers in Lake Placid and Port Charlotte.
The Nelson Brothers' purchase entity Nelson Brothers New Port Richey ALF LLC mortgaged the property to Midcap Funding V LLC for $5.25 million.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
