SALE/LEASEBACK WOULD ADD 14 SENIOR FACILITIES
By Murray Wolf
Nationwide Health Properties Inc. (NYSE: NHP) says it expects to close this month on a $171 million sale/master leaseback announced Oct. 6.
NHP said that it had agreed to acquire from, and triple-net master lease back to, Senior Residential Care and Wingate Healthcare 13 skilled nursing facilities and one assisted living facility in Massachusetts and New York for about $92,000 per bed.
NHP has also committed to fund $20 million for improvements, upgrades and expansions to Wingate’s facilities during the next two years, plus it has dedicated $50 million to Wingate’s acquisition of additional facilities.
UBS Investment Bank acted as exclusive financial advisor to Wingate, while Nixon Peabody LLP served as legal counsel to Wingate. Sherry Meyerhoff Hanson & Crance LLP acted as legal counsel to NHP.
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