BHI, the U.S Branch of Bank Hapoalim, B.M., closed on a $29 million loan to the Gold Standard of Care Group for the refinance of an ALF/SNF healthcare facility located at 2090 North Congress Avenue in West Palm Beach, FL.
The subject property is a two-story, 144-bed facility that offers assisted living, memory care (114-bed) and skilled care (30-bed). Gold Standard Group purchased the facility in 2021 and since the acquisition the property has been operated by Colonial Assisted Living, which is owned primarily by Ricki Kaneti.
The 70,272 SF building, built in 1995, has undergone significant renovations in 2023 and 2024 to both the interior and exterior including the replacement of roof and HVAC system, new flooring across the units, the renovation of rehabilitation and common areas as well as exterior maintenance work.
The community amenities offered at the subject property include: Activities, Arts/Crafts, Salon, Bistro, Chapel, Concierge, Courtyard, Health Center/Therapy, Game Room, Transportation, Gym, Library, Lounges, Private Dining, Laundry, Reception, Secured Bldg. and Spa Room/Central Shower.
In 2008, Michael Verbitsky founded Gold Standard of Care and has become a well-known owner/operator with diverse healthcare and real estate experience, which revolves around turnarounds of underperforming seniors housing properties in Florida. Over the next 10 years, Mr. Mr. Verbitsky leveraged his earnings from his previous ventures and self-funded most of the Gold Standard of Care, seniors housing & multifamily portfolio primarily across South Florida. Gold Standard entered design and development in 2016 with its Miami property and has continued on the course of branding and stabilizing all its asset acquisitions, to form a uniquely different “affordable seniors living model.” This model offers comfortable housing with packages for both private pay and Medicaid residents.
Rebecca “Ricki” Kaneti, Founder and President of Colonial Assisted Living, is a third generation assisted living operator with extensive senior housing experience. Ricki Kaneti operates a portfolio of five senior communities through the Colonial Assisted Living brand, which houses a team of over 700 dedicated staff members, composed of executive directors, healthcare executives, marketing professionals, and front-line staff. Ms. Kaneti has become an authoritative body in south Florida where it comes to affordable assisted living and was named as a Top 25 Female Owned Business Leader in Florida under the Colonial umbrella.
Colonial Assisted Living has become known for its “Total Care” initiative, designed to integrate care coordination across all Colonial Assisted Living communities in South Florida, which has strengthened referral pipelines from hospital discharges, improving both census and quality of care.
Additionally, regional ALFs without skilled nursing capabilities are partnering with Colonial for discharge planning, allowing the team early visibility into hospital admissions and facilitating seamless transitions into the SNF for short-term rehab (Medicare A).
“Our national healthcare strategy centers on supporting markets with strong demographic drivers and significant demand for updated and expanded medical infrastructure,” said Tami Antebi, Senior Vice President and Head of National Healthcare at BHI. “South Florida is one of those critical regions, and we’re committed to partnering with operators and providers to help enhance care delivery across the region.”
“At Colonial Assisted Living, our mission is rooted in providing accessible, reliable, and compassionate care to seniors across our communities,” said Ricki Kaneti, Founder and President of Colonial Assisted Living. “We are committed to creating environments where residents feel supported and engaged, and having a financing partner like BHI, who recognizes the importance of this work, helps us further strengthen that mission. Their partnership allows us to continue enhancing the quality of care we deliver throughout the state.”
“It was a pleasure partnering with both the Gold Standard of Care team and Colonial Assisted Living, who both bring such a strong degree of professionalism and care to their collaborative efforts to address key needs in affordable senior housing. We appreciate the opportunity to support their continued efforts across South Florida,” said Zachary Dooyes - Vice President, Relationship Manager at BHI.