The sales price of $10 million represents $53,763 per bed.
Jacob Gehl, a vice president investments and member of the firm’s National Seniors Housing Group (NSHG) in the firm’s Chicago Downtown office, and Mark Myers (bottom left photo), a senior vice president investments and senior director of the NSHG in Chicago, represented the seller, a church-based non-profit religious group. The buyer is a local healthcare provider.
“The seller used approximately $16 million in bonds to build the LTACH and to renovate the nursing home a few years ago,” says Gehl.
“The property had difficulty servicing the bonds, entered into default with the lender, a large national bank, and had to be liquidated. While we are pleased with the final sales price of nearly $54,000 per bed, it is unfortunate that the non-profit’s approximately 100 years of mission work here must end,” adds Gehl.
“Fortunately, we were able to locate a buyer who owns a facility in the area and can provide care to a wide variety of residents,” comments Myers.
The St. Francis Health Care Centre includes a park, pond, courtyard, chapel, greenhouse, multi-purpose gym, therapeutic pool with adjustable floor, large therapy spaces, a full basketball court and three dining rooms. The buildings feature brick exteriors, carriage porches and tasteful interior décor with high-end finishes.
Green Springs is located near Sandusky and Port Clinton, Ohio, two vacation destinations located on the banks of Lake Erie. The property is approximately 40 miles from Toledo. Green Springs is home to Mineral Springs, the largest natural sulfur spring in the world. The town was named for the color of the spring’s water.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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