Granite acquires $90 million portfolio of newer buildings
Granite Investment Group acquired a $90.1 million portfolio of five South Texas skilled nursing facilities in mid-July. The acquisition, which was completed through two off-market transactions, brings the Irvine, CA-based company's total portfolio value to $540 million. The company's portfolio is primarily comprised of senior housing facilities.
The five facilities that make up the newly acquired portfolio are in the Houston area, and are leased on a long-term triple-net basis to Dallas-based Senior Care Centers LLC, one of the largest skilled nursing facilities in the state.
"We could not be happier to expand our presence in Texas and continue our strategy to grow and strengthen our senior care portfolio by acquiring productive, high-quality properties like these, which are well located in strong markets," wrote Humair Sabir, vice president of acquisitions for Granite. "Each of these facilities will provide quality care to patients as well as an expansive amenity package for residents to enjoy."
The Texas portfolio includes facilities that provide long-term care, respite services, dialysis, ventilator care, short-term therapy, stroke recovery, rehabilitation therapy, wound care and a rehospitalization reduction program.
The five Texas facilities include a total of 684 beds, bringing Granite Investment Group's total portfolio to 4,442 licensed beds across the country. While the specific locations and properties were not disclosed, four of the facilities were built within the last three years.
HUD bridge financing for the acquisition was provided by GE Capital's Healthcare Financial Services and Greystone Servicing Corporation Inc.'s Springfield Consulting Services LLC served as the advisor for the acquisition.