JD Stettin of Carnegie Capital helped a private, Atlanta-based fund acquire a portfolio of nine skilled nursing facilities in Texas by arranging an $87.5 million bridge loan to fund the deal. Totaling 1,050 beds, the facilities were on average around 25 years old, with decent occupancy ranging from the high-70s to the low-80s. The facilities were also enrolled in QIPP and UPL, making the portfolio much more attractive to a potential buyer. That interested party was an Atlanta-based company that owns more than 30 SNFs in four states, which will bring in one of the largest operators in Texas to operate the facilities going forward. They paid $100 million, or $95,200 per bed, and the stabilized value of the portfolio could be more than 20% higher than that. Craig Kelly and Zak Klein of Westgrove Capital handled the sale.
A private bridge lender provided the $87.5 million loan with partial recourse and a 6% interest rate fixed for three years.
