HOUSTON — Granite Investment Group has acquired five skilled nursing facilities in South Texas via two separate off-market transactions for a total of $90.1 million.
Totaling 684 beds, the five properties, which were not identified, are leased on a long-term triple net basis to Dallas-based operator Senior Care Centers LLC.
Four of the properties were built within the past three years. With these acquisitions, Granite Investment Group now manages a portfolio of senior care facilities valued at approximately $540 million, including 4,442 licensed beds.
GE Capital’s Healthcare Financial Services business and Greystone Servicing Corporation Inc. provided HUD bridge financing. Springfield Consulting Services LLC acted as advisor for the transactions.