Erickson Acquires $176 Million of Foreclosed CCRC’s Senior Debt

Erickson Living has acquired all of the senior debt of the Devonshire at PGA National, an insolvent continuing care retirement community located in Palm Beach Gardens, Fla. currently owned by SHP Senior Living Services. The owner of the Devonshire and the associated Chatsworth healthcare properties defaulted last year on a $158.4 million mortgage loan and approximately $17 million […]

High-End Florida CCRC Defaults on $158.2 Million Loan, in Danger of Receivership

A high-end continuing care retirement community in Florida has defaulted on its $158.2 million mortgage loan, and the state Department of Financial Services’s Division of Rehabilitation and Liquidation is in the process of being appointed as receiver for purposes of rehabilitation, according to court documents. Devonshire at PGA National, LLC, the community’s owner, is a […]