New York Investor Buys Palm Beach County Nursing Home for At Least $24M – Commercial Observer
Tordjman Equities has paid at least $23.8 million for a nursing home in Palm Beach County, property records show.
Called Pine Trail Nursing and Rehab Center, the 59,760-square-foot facility features 93 beds at 4445 Pine Forest Drive in Greenacres, Fla., adjacent to South Military Trail. The Pine Trail facility was built in 1988 on an 8.7-acre property.
The asset last traded for $3.5 million in 2004. An entity tied to K.C. Kross, the CEO of Oakland Park-based Mountaineer Development, served as the seller in the recent sale.
The deed filed to Palm Beach County likely includes the value of only the real estate. The total price is probably higher to include the nursing home’s operating business and furniture.
Pinnacle Bank, which merged with Synovus Bank in January, supplied a $150 million acquisition loan, serving as an administrator for a group of lenders. The debt backs another recent acquisition: the $16.6 million purchase of the 20,758-square-foot Westlake Nursing and Rehab Center in Dania Beach, Fla., earlier this month.
Investors have been buying up senior housing assets across Palm Beach County as Florida’s senior population is projected to grow by 5.4 percent annually until 2031, and occupancy for those properties held steady at about 90 percent in the second quarter of 2026, according to a report from Colliers.
In August, Artemis Real Estate Partners purchased a relatively new assisted living facility in Delray Beach for at least $140 million from PGIM Real Estate. This month, Robbins Property Associates purchased a new housing community for residents 55 years and older in West Delray Beach for nearly $30 million.
Representatives for Mountaineer Development and Tordjman Equities did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
