HOUSTON—Granite Investment Group has acquired five skilled nursing facilities in South Texas via two separate off-market transactions totaling $90.1 million. Four of the properties were built within the past three years. With these acquisitions, Irvine, CA-based Granite now manages a portfolio of senior care facilities valued at approximately $540 million, including 4,442 licensed beds.
Totaling 684 beds, the five properties are leased on a long-term triple net basis to Dallas-based Senior Care Centers LLC, one of the largest skilled nursing home operators 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,” says Humair Sabir, Granite's VP of acquisitions. The company established SCC in 2009.
Collectively, the facilities offer long-term care, respite services, short-term therapy, ventilator care, open and closed tracheotomies, dialysis, orthopedic and stroke/cardiac recovery, a re-hospitalization reduction program and wound care. They also provide rehabilitation services, including occupation, physical, speech, respiratory and IV therapy.
HUD bridge financing on the South Texas portfolio was provided by GE Capital's Healthcare Financial Services business and Greystone Servicing Corp. Springfield Consulting Services LLC acted as advisor for the transactions.
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