Forest Healthcare Properties handled two separate skilled nursing transactions in Florida. First, engaged by a regional owner/operator looking to exit the Tampa and Orlando MSAs, Forest helped facilitate the sale leaseback for a portfolio of seven SNFs. Built in 1980, the portfolio encompassed 866 beds with an occupancy rate above 90%. At the time of sale, the portfolio was not stabilized. The buyer was a regional owner/operator with a presence in Georgia and North Carolina and was looking to expand into Florida.
Jeffrey Vegh and Joe Schiff handled the transaction, which involved the approval of three different banks due to the existence of three separate loans. Interest in the portfolio was high, as Medicaid rates have increased in the state of Florida. This was a win-win for both parties after vetting buyers for over an eight month period.
In another transaction, Forest was brought on by a regional owner/operator divesting a skilled nursing facility in the Tampa, Florida MSA. Built in 1975, this SNF is in St. Petersburg with 56 beds, 80% occupancy and was breaking even. It was originally part of a larger portfolio, but due to its size it was deemed an outlier. The buyer was a regional owner/operator looking to grow its already-established footprint in Florida. Vegh and Schiff also handled this transaction, noting that more closings will be happening in the future.
