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Minneapolis Nonprofit on Texas Nursing Centers Buying Spree

DALLAS-The state's health-care industry is prime picking grounds for a Minneapolis nonprofit that has bought five and is negotiating for possibly another six nursing centers. Dallas-based Malone Mortgage has arranged a first-round buy of slightly more than $28 million.

By Connie Gore | Updated on January 19, 2001

DALLAS-A Minneapolis-based nonprofit is eyeing the purchase of another half dozen nursing homes in Texas, including ones in Ft. Worth and Austin, GlobeSt.com has learned.

The talks fall within months of a five-property acquisition, representing an aggregate 695 beds, in Corpus Christi, Brownsville, San Antonio, Tyler and Ft. Stockton. The buyer, Governmental & Educational Assistance Corp., has sealed the deal with a tax-exempt premium bond transaction of slightly more than $28 million, marking a record for a single financing package of like properties by Dallas-based Malone Mortgage Co.

Seller Century Care Inc., headquartered in Houston, has negotiated a 10-year management contract, with extension options, with the sale, which had been finalized in fourth quarter 2000, Steve Mentesana, Malone’s commercial loan originator, told GlobeSt.com. A second round of buys is in the works and could land a similar structuring for a $30-million to $35-million financing, he says. Tarrant County Health Facilities Development Corp. is the bond issuing authority for GEAC’s inroad into Texas, Mentesana says.

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