(Crystal Proenza is associate editor of Real Estate Florida.)

PUNTA GORDA, FL-Evergreen Realty Group LLC has made its first acquisition in Florida with the purchase of Punta Gorda Elderly Care Center at 2295 Shreve St. from a private owner. The asset was purchased for an undisclosed price with Evergreen Realty's capital, along with a $2.8-million loan provided by the National Bank of Southwest Florida. Terms of the loan include a three-year fixed rate loan at 70% LTV with a floating rate prime of 1.5% and 25-year amortization at a rate of 7.75%, according to NAI Bluestone Real Estate Capital, which secured the financing for the deal.

Approximately $300,000 of the secured funds will be dedicated to capital improvements including interior renovations, Charlie Peterson, senior associate with Philadelphia-based NAI Bluestone, tells GlobeSt.com. "The transaction also included a large parcel of land, and Evergreen Realty is hoping to start expanding within the next year," he adds.

Further details about the expansion plans for the property could not be disclosed. Originally built in 1994, the 56-unit Punta Gorda Elderly Care Center totals 22,271 square feet. The facility, which is currently 85% occupied, features assisted living, limited nursing services and extended congregate care.