Strawberry Fields REIT Acquires A Rehabilitation and Nursing Facility for $21.8 Million
SOUTH BEND, Ind.—September 12, 2017—Strawberry Fields REIT LLC (Strawberry Fields), an owner and lessor of nursing homes, long-term acute care hospital facilities and medical office buildings in the Midwestern and Southern U.S., today announced it has acquired a rehabilitation and nursing facility for $21.8 million.
This acquisition was financed with a $15 million loan from Bank Leumi. The Landmark Group – through Landmark of Louisville (a sister operator to Landmark of Lancaster who operates Strawberry’s facility in Lancaster, Kentucky) – will be the tenant and the first year rent will be $2.4 million.
Parkway Rehabilitation and Nursing Center is a 252-bed nursing facility that is located in Louisville, Kentucky and is currently 88.49% occupied.
“The property is an older building but is well maintained and in good condition,” noted Moishe Gubin, CEO of Strawberry Fields. “Landmark is new to the Louisville area, but it is the same group that operates another Strawberry Fields property in Lancaster. We have confidence in their ability to maintain and improve performance at Parkway.”
Strawberry Fields is known as an active investor, working closely with lessees to ensure the quality of the facilities they own. “We maintain good contact with our partners, visit the facilities we own regularly and continually monitor to ensure compliance with state laws,” added Gubin. “We look forward to expanding our relationship with Landmark.”
Louisville is the largest city in the Commonwealth of Kentucky and the 30th-most populous city in the United States.
Strawberry Fields owns 59 facilities located in Illinois, Indiana, Ohio, Texas, Michigan Tennessee, Kentucky and Oklahoma.