Search
 

19 Nursing Homes Sold for $86M

ORLANDO-Formation Capital LLC of Alpharetta, GA and Longwing Real Estate Ventures LLC of New York agree to pay Atlanta-based Marine Health Care Inc. $86 million for the Florida properties. The deal is scheduled to close Nov. 30.

By Alex Finkelstein | Updated on October 30, 2003

ORLANDO-Citing rising liability insurance costs in Florida, Atlanta-based Mariner Health Care Inc. is unloading 19 of its 27 Florida skilled nursing facilities in a deal valued at $86 million.

The contract from Formation Capital LLC of Alpharetta, GA and Longwing Real Estate Ventures LLC of New York calls for a purchase price of $73 million in cash and a promissory note for $13 million. The deal is scheduled to close Nov. 30, according to Mariner’s prepared statement.

Florida-based Sovereign Healthcare Holdings LLC has agreed to lease the 19 properties from the Formation-Longwing joint venture and operate the facilities. The value of that contract was not disclosed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.