https://birchwoodhcp.com/wp-content/uploads/2017/11/BIRCHWOOD-HEALTHCARE-PARTNERS_WebLogo-1-300x138.png 0 0 wpengine https://birchwoodhcp.com/wp-content/uploads/2017/11/BIRCHWOOD-HEALTHCARE-PARTNERS_WebLogo-1-300x138.png wpengine2016-04-20 13:10:082016-07-21 15:08:59Birchwood Health Care Properties Acquires Florida Assisted Living Facility
Chicago, IL (March 17, 2016)
Birchwood Health Care Properties, LLC (“Birchwood HCP”) is pleased to announce the acquisition of a 51 unit assisted living facility outside of Tampa, FL. Stone Ledge Manor was purchased for approximately $5.5MM including purchase price, assumption of liabilities and funding of reserves. The facility had approximately $1.8MM of annual revenue in place at the time of closing, but was experiencing significant cash management issues in the months leading up to acquisition. While the facility had 52 beds at the time of closing, Birchwood is working towards approval for a 26 bed expansion which it expects to receive in the coming months. The facility was converted to an assisted living facility in 2008 through a gut rehab. First mortgage financing was provided by Congressional Bank. “We are very excited to form a new operator relationship in Florida”said Isaac Dole, Founder and Managing Principal of Birchwood Health Care Properties.“While the transaction was very difficult to complete, we are very optimistic about the long term prospects for the facility.”
About Birchwood HCP
Birchwood HCP is a Chicago-based health care real estate private equity firm with a primary focus on senior housing and nursing home assets. With deep industry relationships, access to capital and entrepreneurial structuring capability, Birchwood intends to capitalize on the highly fragmented and dynamic nature of the industry through ongoing acquisitions and development.