Strawberry Fields REIT, Inc. (STRW): M&A transaction — Strawberry Fields REIT acquires 24 Indiana healthcare facilities for $102M

Strawberry Fields REIT, Inc.

Acquired 24 facilities (19 skilled nursing, 5 assisted living) for $102M on Aug 25, 2023.
Financed with $66M mortgage from Popular Bank (SOFR+3.5%, 5yr, interest-only 12 months) and cash.
Made $6.5M unsecured loan to sellers, due 60 days, 10% interest after 30 days, fully guaranteed.
Portfolio grew from 79 to 103 properties; annualized base rent rose from $84.2M to $96.9M.
Indiana Facilities leased to tenants affiliated with directors Gubin & Blisko; related-party rent now 67.1%.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Strawberry Fields REIT, Inc. completed an acquisition involving WC-Castleton LLC, WC-Chesterfield LLC, WC-Columbia City LLC, WC-Dunkirk LLC, WC-Fort Wayne LLC, WC-Hartford City LLC, WC-Hobart LLC, WC-Huntington LLC, WC-Lagrange LLC, WC-Middletown LLC, WC-Peru LLC, WC-Rockport LLC, WC-Rushville LLC, WC-Sullivan LLC, WC-Syracuse LLC, WC-Tipton LLC, WC-Wabash LLC a for $102.0 million (closed 2023-08-25).

Action: acquisition
Counterparty: WC-Castleton LLC, WC-Chesterfield LLC, WC-Columbia City LLC, WC-Dunkirk LLC, WC-Fort Wayne LLC, WC-Hartford City LLC, WC-Hobart LLC, WC-Huntington LLC, WC-Lagrange LLC, WC-Middletown LLC, WC-Peru LLC, WC-Rockport LLC, WC-Rushville LLC, WC-Sullivan LLC, WC-Syracuse LLC, WC-Tipton LLC, WC-Wabash LLC a
Consideration: $102.0 million
Closing: 2023-08-25

Exact text from the filing

LLC (collectively, the “ Sellers ”). The Purchase and Sale Agreement provided for the purchase of 24 healthcare facilities located in Indiana (the “ Indiana Facilities ”) for $102.0 million. The Indiana Facilities are comprised of 19 skilled nursing facilities with 1,659 licensed beds and five assisted living facilities with 193 beds, of which 29 beds are licensed.

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Strawberry Fields REIT, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-030422

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