DALLAS--GruenePointe Holdings LLC, a transitional medical facility investment company and owner of the Adora transitional care brand, 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 tenth SNF location in Graham, TX, 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,” says David Gunderson, executive vice president of US Freedom Capital. “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.”