Saturday, December 10, 2016

HFF closes $74 million sale and secures $48.555 million financing for seniors housing property in Tampa, FL

Horizon Bay at Hyde Park Seniors Housing Communiity, Hyde Park Neighborhood
 Tampa, FL
Ryan Maconachy
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.

Chad Lavender
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.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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