Agape Care Home Inc. of Carrollton has sold its 126-unit Corinthians at 3500 Old Denton Rd. to Greenbriar in an LLC structuring that keeps the seller as a minority player. The two-year-old facility was bought with a $9.1-million bridge loan from Vestin Mortgage Co. of Las Vegas and part seller financing, Victor Russell, managing principal of Carrollton's MMR Realty Advisors, tells GlobeSt.com. The 90%-occupied facility is positioned on 11.7 acres and within a quarter mile of a 53-unit facility owned by Alterra Healthcare Corp. of Milwaukee that will be next on the acquisition list, says Russell. He says the closing date is next week.
Russell, the sole broker on the deal, says the 24-month bridge loan was had for 9% interest and has one renewal option. The plan is to shop for a permanent loan once the property stabilizes. A 15-year management contract was part of the tax-exempt sale. Geenbriar stepped up to the bargaining table within a month of the Corinthians coming to market.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.