TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa.
The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million.
HFF represented Bayshore in the transaction and arranged a $48.6 million, seven-year, fixed-rate acquisition loan on behalf of the buyers. Protective Life Insurance Co. provided the capital on the loan.
Horizon Bay at Hyde Park features one- and two-bedroom independent living and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres near Tampa’s Westshore Business District and downtown Tampa.
The property was 98 percent leased at the time of sale.
Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.
Bayshore Retirement Living is a seniors housing development company based in Tampa. Allegro Senior Living, a subsidiary of Love Cos. based in St. Louis, is a seniors housing developer and operator.