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JER Partners With Aviv Healthcare

MCLEAN, VA-JER will acquire $75 million of convertible preferred securities from Aviv to finance the acquisition of triple-net leased healthcare facilities.

By Erika Morphy | Updated on June 08, 2006

MCLEAN, VA-JER Partners and Aviv Healthcare Properties LP have entered into an agreement to expand into the healthcare sector. JER has committed, subject to certain conditions, to acquire $75 million of convertible preferred securities from Aviv to finance the acquisition of triple-net leased healthcare facilities.

Aviv will use the capital, in combination with debt financing, to acquire single property and multiple asset portfolios of skilled nursing and other healthcare facilities throughout the US. It recently acquired or financed 14 skilled nursing facilities with five different operators. That investment of approximately $33 million had approximately $7.8 million financed with the issuance of new convertible preferred equity to JER and approximately$25.2 million funded with Aviv’s existing acquisition line with LaSalle Bank, NA. Following this transaction, Aviv’s portfolio consists of 126 facilities representing an aggregate 12,000 beds.

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