The Healthcare Real Estate Team of Sperry Van Ness recently announced the recent closing of the sale of a skilled nursing facility (“SNF”) licensed for 166 beds located in Nacogdoches, Texas for $7,850,000. The Seller, Cascade-Willowbrook Health Services, Ltd., is affiliated with a regional operator which manages four other facilities in Texas. The Buyer, Texas-LTC, Ltd., is an affiliate of LTC Properties, a publicly-traded real estate investment trust (“REIT”) based in Westlake Village, California. The acquisition of Willowbrook Nursing Center brings the company’s portfolio to a total of 203 healthcare properties in 29 states, leased or mortgaged to 44 different operators.
The sale was handled by Grant Edwards, National Director of Sperry Van Ness’s Healthcare Real Estate Team. Transactional support was provided by Jake Corrigan, Advisor with Sperry Van Ness Healthcare Real Estate Team and Steve Fithian, Managing Director of Sperry Van Ness / Visions Commercial in Fort Worth, Texas.
Commenting on the sale, Grant Edwards said, “As always, the Sperry Van Ness Healthcare Team utilized it considerable resources to fish for Buyers with a wide net, while at the same time preserving confidentiality throughout the process. And yet, this transaction showcased more specifically our ability to help structure complex transactions for the benefit of all parties. That’s another important advantage of our team’s adherence to a set of core covenants, which ensures a client-first approach to senior care brokerage.”