Campo Felice, a Fort Myers, FL, independent living rental community, has defaulted on its mortgage, according to an account Friday in the Business Observer.
More than $63.7 million now is outstanding from the senior housing community, which once was a derelict hotel. That’s according to reports by commercial real estate brokerage firm Newmark Knight Frank, which currently lists the loan as “non-performing” and “in payment default.”
Like many senior housing communities, the 24-story, 323-unit facility has been particularly hard hit by the pandemic due to declining occupancies and lockdown measures that prevented move-ins of new residents. The property also has experienced increased competition in recent years from newer senior housing developments in the area, the news outlet reported.
Newmark Knight Frank, however, said it believes that positive demographic shifts into Southwest Florida still could benefit Campo Felice moving forward.
“The excellent demographic profile and the loan’s low basis below replacement cost provides an investor an attractive entry point into one of the nation’s top senior housing markets,” the firm’s offering states.