Lakewood, New Jersey entity, SNF Realty LLC, has scooped up a nursing home in Brooklyn's Borough Park neighborhood for $162 million.
The site, Boro Park Center, was owned by real estate Daryl Hagler, who originally paid $19 million for it in 2011, according to a report from Bisnow. That represents more than an eight-fold premium from the last sale. Then in 2017, the property was refinanced with a $64 million mortgage, with Huntington National Bank providing the debt. The loan was a part of a larger $130.7 million deal, according to Bisnow.
Boro Park has been managed by Centers Health Care, which Hagler and Kenny Rozenberg both own.
The nursing home at 4915 10th Avenue features 504 beds across nine stories and was Centers Health Care's flagship.
Additionally, Bisnow reported that Centers Health Care sold two other Brooklyn nursing homes: the Brooklyn Center for Rehabilitation and Nursing, and the Bushwick Center for Renal Dialysis. Altogether with Boro Park, the sales combined for a total of $296 million. It's unclear when exactly all the transactions took place and who the other buyers were.
Through New York City and the Tri-state area, Centers Health Care operates a range of properties, including short-term rehab, assisted living, adult daycare and home healthcare facilities.
A recent JLL report revealed that a shift to outpatient care is leading to strong demand for MOBs, especially in the Sun Belt and high-growth metros. Scarce supply in these markets is driving occupancy higher.
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