Sabra Health Care REIT announced the divestment of two skilled nursing facilities in Montana, finalizing its complete exit from the state. The two facilities, located in Great Falls (278 beds) and Deer Lodge (60 beds), were operated and leased by Genesis HealthCare, the only two for the large provider in the state.
As a result of the sale, the total annual rental obligation from Genesis decreased by about $1.1 million. According the Sabra’s press release, the purchase price came to $14.4 million, or $42,600 per bed, which included the assumption of $14.2 million in HUD debt encumbering the facilities. The team of Christopher Hyldahl, Gideon Orion, Michael Segal and Ben Firestone from Blueprint Healthcare Real Estate Advisors facilitated the sale and HUD assumption, which closed on April 1. The buyer was Ivy Healthcare Group, a Miami based owner-operator who is actively growing their platform in the West and Midwest.
