Palace assisted living center awarded $27M construction loan

The Palace, a high-end assisted living center, obtained a $26.86 million construction loan for its Homestead location.

TD Bank awarded the mortgage to the Palace at Homestead LLC, managed by Jacob Shaham. His company also owns the Palace in Coral Gables. The Homestead facility will replace an existing assisted living center the company owns in the area.

Located at 310 Campbell Drive, the Palace will have 111 assisted living beds and 90 memory care beds. Its public areas will be decorated in the style of a luxury hotel. The Palace will have a wellness center, physical therapy department, doctor’s offices and nursing assistants available around the clock.

The 4.9-acre site across from Homestead Hospital was acquired for $3 million in 2013.

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Story by: Brian Bandell – Jul 7, 2015, 10:58am EDT
Photo Courtesy: Biz Journals

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