Selectis Health, Inc. (OTC: GBCSD), f.k.a. Global Healthcare REIT, Inc, has refinanced its mortgage at Southern Hills Retirement Community in Tulsa, Oklahoma for $8.03 million, following renovations across the campus and the hiring of a new executive director. Greystone’s Derek Dobrin originated the deal.
Southern Hills, a 40-year old CCRC that provides independent living, assisted living, and short- and long-term care services, has faced roadblocks over the last year, including winter weather damage and Covid-19 related issues. Upon closing this deal, Selectis paid off the remaining loan balances on its assisted and independent living portions. Therefore, Selectis now owns the campus free and clear of all loans and encumbrances that had remained on the property since the initial purchase from Ventas in 2014.
The refinance carries a 2.38% fixed rate over 35 years. Recent renovations made to the SNF portion of the campus include updated flooring, work to the fire suppression system, interior painting, exterior concrete repair, and more.
