Emerald Group and Infinite Care have acquired two senior rehabilitation centers in South Florida for a total of $29 million. The purchases include the Tamarac Rehabilitation and Health Center, a 120-bed facility located at 7901 Northwest 88th Avenue in Tamarac, and the Pinecrest Rehabilitation Center, a 100-bed property at 13650 Northeast Third Court in North Miami.
Both acquisitions were led by Yisroel Herzka, an investor based in Lakewood, New Jersey, with ties to Emerald and New York-based Infinite Care. The Tamarac facility was purchased for $18.9 million. According to public records and real estate database Vizzda, this center consists of a one-story building completed in 1979 on a 3.8-acre site. The Pinecrest facility is housed in a one-story building built in 1967 on a 2.4-acre lot.
NuVision Management, based in Fort Lauderdale and known for consulting on geriatric and pediatric long-term care as well as rehabilitative services, sold both properties.
The buyers secured a $46.6 million loan from Valley Bank that is cross-collateralized with these properties and other assets owned by Emerald Group and Infinite Care.
Tamarac Rehabilitation provides skilled nursing and rehabilitation services primarily to patients recovering from strokes or broken bones. Pinecrest Rehabilitation offers post-hospital care along with skilled nursing and rehabilitation for various conditions such as pneumonia, heart issues, fractures, joint replacements, strokes, Parkinson’s disease, and cancer-related diagnoses.
The senior care sector in South Florida has seen sporadic transactions but remains somewhat resilient amid higher interest rates and inflation. This resilience is attributed to Florida’s appeal among retirees, supporting ongoing demand for assisted living facilities as well as memory care, skilled nursing, and rehabilitation centers.
Other recent deals include Welltower’s April purchase of Oakmonte Village of Davie—a 220-bed assisted and independent living facility—for $34.3 million; Garden Healthcare’s June acquisition of Eastridge at Cutler Bay for $24 million; and Leo Friedman’s April purchase of Abbey Delray senior living facility for $30 million.
