Forest Healthcare Properties was brought on by an Ohio-based owner/operator in a lease-to-purchase for a skilled nursing facility in Ohio. The owner was looking to divest from this region, and the buyer was Momentous Healthcare.
Newly renovated, the facility comprises 100 beds with an in-house dialysis component near Cleveland, Ohio. The asset sits on 4.6 acres with 26,627 total square feet. Occupancy was low at the time of closing, so there is certainly some room for improvement for the new operator. But the lease-to-purchase structure gives them time to ramp up census and cash flow before taking over ownership. Joe Schiff and Jeffrey Vegh handled the transaction.
