Strawberry Fields REIT completed two separate acquisitions totaling $19.25 million of four Skilled Nursing Facilities (SNF) located in Tennessee and Texas.

The acquisition of the Texas facilities for $15.25 million included a 75-bed SNF located in Hondo and 179-bed SNF located in Kerrville, the real estate investment trust (REIT) said in a press release Tuesday.

Both these facilities will be leased to the Tide Group led by its founder Brian Ramos. The lease is for an initial 10-year period and includes two 5-year tenant options on a triple-net basis, effective September 1. The lease will increase the REIT’s annual rents by $1.525 million and is subject to 3% annual increases.

The Tennessee acquisition for $4 million included a 67-bed SNF located in Kingsport and a 181-bed SNF located in Maryville.

This acquisition was associated with a lease purchase option that the REIT entered into on January 1, 2024. The Kingsport facility was added to an existing Infinity of Tennessee Master Lease and the Maryville facility was leased to a third party tenant. Collectively these facilities increased the Company’s annual rents by $400,000 and are both subject to 3% annual increases.

“Tennessee and Texas are both states we have previously expressed interest in growing in and the company continues to look for opportunities of future growth,” said CEO Moishe Gubin noted.

Strawberry Fields is a self-administered REIT engaged in the ownership, acquisition, development and leasing of skilled nursing and certain other healthcare-related properties. Its portfolio includes 112 healthcare facilities with an aggregate of more than 12,700 beds, located throughout the states of Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. The 112 healthcare facilities comprise 102 skilled nursing facilities, eight assisted living facilities, and two long-term acute care hospitals.

PACS announces proposed offering of 13.89M shares

PACS Group (NYSE: PACS) announced Tuesday the commencement of an underwritten public offering of 13,888,890 shares of its common stock, including 2,777,778 shares of common stock sold by the company and 11,111,112 shares of common stock sold by certain selling stockholders.

The selling stockholders also expect to grant the underwriters a 30-day option to purchase up to an additional 2,083,332 of shares of common stock, PACS said in a press release.

PACS will not receive any proceeds from any sale of shares by the selling stockholders. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Citigroup, J.P. Morgan and Truist Securities are acting as lead book-running managers for the offering. RBC Capital Markets, Goldman Sachs & Co. LLC and UBS Investment Bank are acting as joint book-running managers. Stephens Inc. and Oppenheimer & Co. are acting as co-managers.

PACS is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 276 post-acute care facilities across 15 states serving over 29,000 patients daily.

Blueprint facilitates the sale of a Michigan CCRC

Blueprint facilitated the sale of a continuing care retirement community campus (CCRC) in Grand Rapids, Michigan, affiliated with Samaritas, a faith-based nonprofit owner and operator.

Samaritas, which has a 125-bed skilled nursing and long-term care facility on its campus, has a renewed focus on creating a holistic service experience through four core areas of impact, including child and family services, behavioral health, refugee services and affordable housing.

It has gradually expanded and renovated the campus since its original construction in 1977, with the most recent introduction of 24 independent living cottages between 2013 and 2015.

Besides the SNF component, the 40-acre property consists of 148 independent living apartments, 17 assisted living units, and a 60-unit memory care community.

Optalis Healthcare, a provider of post-acute rehabilitation and long-term care across Michigan and Ohio, contracted with StoryPoint Group, another Michigan senior living provider, to manage the independent living community on the campus, formerly known as The Terraces.

Blueprint advised the Samaritas board of directors through each transaction phase, working closely with its leadership team and legal counsel.