Citadel Care Centers has broken ground on a skilled nursing facility in North Miami Beach, Florida, after securing US$50.9 million in financing, according to property records. The financing from PNC Bank covers an 3.2-acre plot that takes up a full block at 1875 and 1800 Northeast 167th Street, adjacent to Northeast 19th Avenue and approximately three miles south of Aventura.
The new development will span four storeys and include a parking garage. It is currently unclear whether the existing, 50,088 square foot Aventura Plaza Rehabilitation & Nursing Center, which occupies about half of the plot, will remain. A representative for Citadel Care Centers from New York was unavailable for comment.
Market Conditions for Seniors' Properties
The financing comes at a time when Florida's senior population is expected to grow by approximately 4 per cent annually until 2030, according to Colliers. Occupancy rates in senior living facilities stabilised at just over 90 per cent in the first quarter of 2026, up from around 80 per cent five years ago. This indicates increased demand in this sector.
Sales of assisted living facilities have increased in recent months. Earlier this month, PGIM Real Estate sold a 7-acre property in Delray Beach for at least US$140 million, representing one of the most expensive senior care home sales in South Florida in recent years. Also this month, Healthpeak Properties acquired a 136-unit facility in Boynton Beach for at least US$62 million.
Location and Project Scope
- —Developer: Citadel Care Centers
- —Financing Volume: US$50.9 million
- —Lender: PNC Bank
- —Location: 1875 and 1800 Northeast 167th Street, North Miami Beach, Florida
