The SeniorCare Investor – Skilled Nursing Acquisitions

Tim Cobb and Steven Thomes of CFG Capital Markets represented HealthLease Properties REIT (TSX: HLP.UN) for the purchase of five skilled nursing facilities and one assisted living community with 495 beds from SP II Senior Care. The facilities are located in North Carolina (3), Virginia (2) and Ohio (1), and they have an average age of approximately seven years. The skilled nursing facilities will be leased to Ohio-based Saber Healthcare Group, while the lone assisted living facility will be leased to Meridian Senior Living. The purchase price was $77.6 million, or $156,700 per bed, which reflects the newness of the construction. Financing was provided by proceeds from a recent stock offering as well as PNC Bank with a four year loan at a hedged interest rate of 4.64%.

“Skilled Nursing Acquisitions.” The SeniorCare Investor¬†Aug. 2013: 7-10.