At the end of July, Utah-based Global Healthcare REIT Inc. announced plans to expand into Ohio. The company has entered into an agreement to purchase the Meadowview Nursing Home, located in Seville, Ohio. It will be the fifth such property in Global Healtchare REIT’s portfolio.
The Meadowview Nursing Home is located on five acres of land in Medina County, about 25 miles west of Akron and 40 miles south of Cleveland. In a news release, Global Healthcare REIT said the area has an attractive population growth in the 65 to 74 year age bracket. The facility offers 27,500 square feet of space and is licensed for 100 skilled nursing beds.
Global Healthcare REIT will pay $3 million for the Meadowview Nursing Home. The deal will close after the satisfactory completion of a 45-day inspection period and other conditions customary in transactions of this nature. The REIT said it will secure financing to cover a portion of the price. The Utah-based company also said it has several financing opportunities but at the moment has made no firm commitments. The transaction is scheduled to close on Sept. 30. Global Healthcare REIT will not operate the facility; it will lease it to an unaffiliated third-party operator.
“The forecasted financial metrics on this facility are extremely favorable once we have implemented our planned changes and upgrades. We continue to evaluate properties opportunistically and hope to complete several additional acquisitions currently in the pipeline,” Christopher Brogdon, president of Global Healthcare REIT, said in a statement for the press.