SLIB Negotiates $11.7M Sale of Skilled Nursing Facility in Maryland

PRINCE FREDERICK, Md. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Calvert County Nursing Center, a 149-bed skilled nursing facility in Prince Frederick, located near Chesapeake Bay southeast of Washington, D.C.

A non-profit organization that owns seven continuing care retirement communities sought to divest its only pure skilled nursing facility. The organization sold the property to a New York-based investor-operator partnership for $11.7 million. However, $1 million was held back at closing, which will be paid if the buyer can obtain a HUD loan on the building in the future.

The facility was also subject to a ground lease with the neighboring hospital at the time of marketing. The ground lease had to be renegotiated during the due diligence period to a higher lease rate to allow for a smooth transition.

The 56,880-square-foot facility was built in 1968 and expanded in 1978, 1983 and 1992. Although the property has seen recent operational struggles, the occupancy increased from 70 percent to 80 percent over the course of 2017.

Toby Siefert, Matthew Alley and Nick Cacciabando of SLIB arranged the transaction.