Caring Village senior facilities in Margate, Davie face auction

Two Broward County senior living facilities operating under the Caring Village brand, one in Margate and one in Davie, are headed to a foreclosure auction after a lender won a $12.2 million judgment against the properties, the South Florida Business Journal reported Aug. 26.

Why it matters

Senior housing in South Florida has drawn heavy investor interest over the past two years, with assisted living and memory care trading at steep premiums as operators bet on an aging population and a tight supply of licensed beds. This foreclosure runs against that grain: a buyer that paid a full price for a stabilized portfolio in 2022 is now losing it to its lender, which makes the coming auction a live test of what distressed senior housing actually clears for in this market rather than what brokers say it is worth. For a value-add buyer, a foreclosure sale strips out the legal and negotiating friction of a private acquisition. What it does not strip out is the operating license, staffing and resident-care obligations that come with taking over an occupied assisted living or memory care community, which is real diligence work a buyer has to do before bidding.

The numbers

The two facilities, Caring Village of Margate at 6810 SW 7th St. and Caring Village of Davie at 4681 SW 66th Ave., changed hands in December 2022 when Boca Raton-based PrivCap Companies sold the combined 131-bed portfolio for $12.7 million, or roughly $97,000 per bed, to entities controlled by Brooklyn-based investors Zalman Skoblo and Zvi Jacobowitz. The South Florida Business Journal now reports a $12.2 million foreclosure judgment against the properties, sending both to auction. The judgment reflects a court-ordered debt following a mortgage default, not a finding of fraud or other wrongdoing by the owners.

What’s next

The Business Journal’s report of the judgment and pending auction is subscriber-only, and the lender’s name and a confirmed sale date were not available in the portion accessible to The American Developer. Buyers tracking this opportunity should watch the Broward County Clerk of Courts’ public foreclosure sale calendar at browardclerk.org, searching by the Margate and Davie addresses or the Caring Village ownership entities, for the case number and scheduled sale date before the auction closes.