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Health-care facility in Winter Park sells for recorded $12.7 million

Health-care facility in Winter Park sells for recorded $12.7 million
The property where Parkview Parkview Rehabilitation Center at Winter Park operates has been sold to an affiliate of a South Florida investor. (Orange County Property Appraiser)

A 68,280-square-foot facility that's home to a rehabilitation and nursing care facility, nestled between Winter Park Memorial Hospital and Ward Park, has sold for a recorded $12.7 million.

The buyer is an affiliate of Millenium Management LLC of Miami.  Parkview Rehabilitation Center at Winter Park operates at the location, 2075 Loch Lomond Drive, which state records show has 138 beds.

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Previous operator ManorCare filed for bankruptcy earlier this year and agreed to be taken over by Quality Care Properties, the companies said in a joint news release in March.

The seller was an affiliate of health-care REIT Welltower, with the property being divested in the wake of a deal that saw the Toledo-based company acquire Quality Care Properties – a deal that according to a news release earlier this year included more than 300 health-care facilities in 28 states. Welltower declined comment.

Affiliates for at least five other Florida properties in Carrollwood, Lauderhill, Miami Lakes, Plantation and Tamarac, were recorded on financing documents, indicative of a portfolio sale, with a balloon mortgage in the amount of $78.66 million issued by lender Berkadia Commercial Mortgage.

Orange County records show Welltower took ownership of the property in July from an affiliate of Quality Care Properties.

Parkview is an affiliate of Southern HealthCare Management of Casselberry and was established in May, according to state filings.

The ManorCare website still lists a Seminole County location, memory-care facility Arden Courts of Winter Springs. Welltower CEO Tom DeRosa in July told industry publication McKnight's Senior Living that the Arden Courts brand was viewed as a "hidden gem" among mid-market businesses of its kind.

Have a tip about Central Florida development? Contact me at bzimmerman@growthspotter.com, (407) 420-5427 or @zmediaworks. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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