Strawberry Fields REIT, Inc. completed the acquisition of 24 Healthcare Facilities Located in Indiana.
August 24, 2023
Share
Strawberry Fields REIT, Inc. (NYSEAM:STRW) entered into a Purchase Agreement to acquire 24 Healthcare Facilities Located in Indiana for approximately $100 million on June 8, 2023. The Facilities are comprised of nineteen skilled nursing facilities with 1,659 licensed beds and five assisted living facilities with 193 beds, of which 29 are licensed. Under the Purchase Agreement, the Company will also make a loan of approximately $6,500,000 to the Sellers, which will be scheduled to be repaid e within 60 days of the closing. Strawberry Fields REIT plans to purchase the facilities utilizing the Company?s current working capital and funds provided by a third-party lender. The Company funded the payment of the purchase price and the $6.5 million loan through a combination of a $66 million mortgage loan made to the Company by commercial bank, Popular Bank, and from the Company?s existing cash resources, as well as the application of a deposit of $5 million previously made by the Company. The potential acquisition of Facilities is subject to substantial conditions to closing. As per filing on August 14, 2023, Closing is expected during the third quarter of 2023. Gary E. Axelrod of Latham & Watkins LLP acted as legal advisor to sellers in the transaction.
Strawberry Fields REIT, Inc. (NYSEAM:STRW) completed the acquisition of 24 Healthcare Facilities Located in Indiana on August 25, 2023.
Strawberry Fields REIT, Inc. is a self-administered real estate investment trust. The Company is engaged in the ownership, acquisition, development and leasing of skilled nursing and certain other healthcare-related properties. The Companyâs portfolio includes 107 healthcare facilities with an aggregate of 12,203 beds, located throughout the states of Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee, and Texas. The Companyâs 107 healthcare facilities comprise 97 skilled nursing facilities, eight assisted living facilities, and two long-term acute care hospitals. The Company's portfolio includes Infinity Healthcare of Illinois, BRIA Health Services, Infinity Healthcare of Indiana, Green Park Healthcare Management, Infinity Healthcare of Tennessee, The Blossoms at Arkansas, The Landmark Group and more.