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Sarasota-Manatee
Business Observer Tuesday, Sep. 28, 2021 2 weeks ago

Texas company pays $50 million for two area nursing homes

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Dallas-based Lone Star Funds buys assisted living facilities in Fort Myers and North Port recently foreclosed on
by: Louis Llovio Commercial Real Estate Editor

A Texas private equity firm has bought two local assisted living facilities in deals totaling more than $50 million.

According to property records, Dallas-based Lone Star Funds bought Discovery Commons Cypress Point in Fort Myers for $32.3 million and Discovery Commons South Biscayne in North Port for $19.2 million.

The facilities were bought by a company named Britton (Forum) LLC. The address listed for Britton (Forum) on the Florida Division of Corporations’ website matches that of Lone Star Funds’ Dallas office.

Lone Star is a private equity firm that operates 21 funds globally, investing in real estate, equity, credit and other financial assets, according to its website. The company has 13 offices worldwide, including one in Miami.

Lone Star bought Discovery Commons South Biscayne after the property was foreclosed on and sold back to its debtor, Preston Holloway Capital, Jan. 14. According to Sarasota County court documents, $27.8 million was owed at the time of the sale.

As for Discovery Commons Cypress Point, Lee County records show that Preston Holloway Capital bought the property Dec. 2. According to court records, $29.3 million was owed at the time.

A call to Lone Star’s Dallas office was not returned. Nor was a call to Donna Holden, executive director of Discovery Commons Cypress Point.

Discovery Commons South Biscayne Executive director Kathryn Bland told the Business Observer that in reference to new ownership and what the future looked like for South Biscayne, the marketing department would call back and field those queries. The marketing department did not call back prior to deadline. 

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