TODAY’S DEALS: Grubb & Ellis to Acquire 10 Skilled Nursing Facilities

Grubb & Ellis enters an agreement to buy 10 skilled nursing facilities for $166.5 million; Prudential Mortgage Capital Co. puts a 200-unit Arizona community on the market; and Grandbridge funds a $72 million Freddie Mac loan carrying low-4 percent interest.

The Bell Minor Home - Gainesville, Ga.

Santa Ana, Calif.—Grubs & Ellis Healthcare REIT II Inc. has entered into an agreement to purchase a portfolio of 10 skilled nursing facilities for $166.5 million. The properties are located in four Southeast states: Alabama, Georgia, Louisiana and Tennessee.

The acquisition totals nearly 460,000 square feet in size and includes 1,364 beds. All properties were built between 1969 and 1999, and are master leased through 2026 by Wellington Healthcare Services LP.

“The Southeastern Skilled Nursing Facility Portfolio will be an ideal acquisition for Grubb & Ellis Healthcare REIT II,” says Danny Prosky, president and chief operating officer. “The facilities are strategically clustered in states with attractive demographics and will be fully occupied for the next 15 years by a highly respected and successful operator.”

Grubb & Ellis Healthcare REIT II has made 24 acquisitions comprised of 55 buildings valued at approximately $430.8 million since its inception. The property portfolio held debt equal to approximately 26.8 percent of its aggregate purchase price as of September 15.

Prudential Mortgage Capital puts 200-unit Arizona community on market

Chandler Meadows

Chandler, Ariz.—Prudential Mortgage Capital Co. has tapped Marcus & Millichap Real Estate Investment Services to market and sell Chandler Meadows, a 200-unit community located in Chandler, Ariz. The property is being listed for $13 million.

Located at 3175 North Price Road, the property was developed in 1983 by A.G. Spanos Cos. The community offers five floor plans comprised of one-, two- and three-bedroom homes. Approximately $3.4 million in interior improvements were made on unit upgrades between 2007 and 2008.

Grandbridge funds $72M Freddie Mac loan carrying low-4 percent interest

Jacksonville, Fla. –Grandbridge Real Estate Capital recently originated and closed a $72 million first mortgage loan secured by Paradise Island. Located in Jacksonville, Fla., the award-winning 1,112-unit garden-style community was constructed in four phases between 1990 and 1999.

Grandbridge Jacksonville-based Senior Vice President Taylor Williams arranged the transaction. Funding for the Early Rate Lock transaction was provided through Freddie Mac’s Capital Markets Execution (CME) loan product. The seven-year refinance closed with an interest rate in the low four percent range. The loan is interest-only for the first two years and then amortizes on a 30-year schedule thereafter.

The community, managed by Perimeter Realty Inc., consists of one-, two- and three-bedroom apartment homes. In addition to high-end interior finishes, property amenities include four community swimming pools, a community center, large laundry facilities, fitness centers, racquetball, tennis and volley ball courts, garages and extensive landscaping.

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