US Freedom Capital and OnPointe Health Management Close on Sale of Texas Skilled Nursing Portfolio

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The deal, which was structured by US Freedom Capital and OnPointe Health Management, the owners of GruenePointe Holdings, LLC, will add to the partners’ proposed Adora Midtown project. The project is part of a plan to secure 36 skilled nursing facilities across the Lone Star State.

GruenePointe Holdings, LLC, a Texas-based transitional medical facility investment company and owner of the Adora transitional care brand, announces it has closed on the sale and leaseback of nine Texas skilled nursing facilities (SNF) to MedEquities Realty Trust, Inc. for $133.4 million, a deal which was structured by GruenePointe owners US Freedom Capital and OnPointe Health Management. OnPointe has agreed to lease the facilities from MedEquities for an initial term of 15 years. GruenePointe plans to close on a 10th SNF location in Graham, Texas, following the conclusion of standard inspections, bringing the total sales price to $145 million.

The 10 skilled nursing facilities are:

  • Songbird Lodge (Brownwood, TX) – 125 licensed beds
  • St. Teresa Nursing & Rehabilitation Center (El Paso, TX) – 124 licensed beds
  • Graham Oaks Care Center (Graham, TX) – 117 licensed beds
  • Sunflower Park Health Care (Kaufman, TX) – 92 licensed beds
  • Kemp Care Center (Kemp, TX) – 124 licensed beds
  • Kerens Care Center (Kerens, TX) – 70 licensed beds
  • Whispering Pines Lodge (Longview, TX) – 116 licensed beds
  • Greenhill Villas (Mt. Pleasant, TX) – 150 licensed beds
  • Casa Rio Healthcare & Rehabilitation (San Antonio, TX) – 124 licensed beds
  • River City Care Center (San Antonio, TX) – 100 licensed beds

“We are pleased to complete this transaction with our partner OnPointe Health Management, as we launch our portfolio of transitional care facilities. Through a combination of development and acquisition, combined with OnPointe’s operational expertise, we look forward to growing the portfolio while delivering compelling returns to our investors.” says David Gunderson, EVP of US Freedom Capital.

GruenePointe Holdings specializes in the development and acquisition of skilled nursing, assisted living, and multifamily facilities. The Adora Midtown project will be the first of 36 separate Adora skilled nursing facilities the company plans to develop in numerous cities throughout Texas. GruenePointe hopes to break ground on an additional two facilities in Austin and Dallas, Texas, by the end of the year.

MedEquities Realty Trust (http://www.medequities.com) is a self-managed and self-administered company which invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. The company’s management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing and monetizing many types of healthcare properties and portfolios. MedEquities’ strategy is to become an integral capital partner with high-quality and growth-oriented facility-based providers of healthcare services on a nationwide basis, primarily through net-leased real estate investments.

About Us:

GruenePointe Holdings is a Texas-based senior housing investment company, which offers finance, development and operations through its partners: US Freedom Capital provides finance and structuring and OnPointe Management provides the operations of the facilities.

US Freedom Capital is an investment manager which offers US real estate investment opportunities to offshore investors. The company’s management team has extensive experience in developing and managing commercial real estate properties. With offices on four continents across the globe, US Freedom Capital is quickly becoming one of the most trusted sources of foreign capital for real estate investments in the southern United States. http://www.usfreedomcap.com

OnPointe Management is a privately owned operator/developer which currently operates 23 facilities across the states of Texas and New Mexico. OnPointe is a strategic partner which provides management across the post-acute continuum. The company specializes in person-centered care featuring managed transitions between care levels. http://www.onpointe.com

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David Gunderson
@USFreedomCap
since: 04/2012
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