Skilled Nursing Facility Sold In Prince Frederick, Maryland
This transaction involves a value-add Skilled Nursing Facility located in southern Maryland. Calvert County Nursing Center features 149 licensed skilled nursing beds in a 56,880 SF building. Originally built in 1968, the facility sits on a 7.72 acre lot and expanded in 1978, 1983 and 1992. The community struggled operationally but experienced an uptick in census from the low 70% range to 80% over the course of 2017.
Prince Frederick is the seat of Calvert County, Maryland, located approximately 45 miles southeast of Washington, D.C. The facility is next door to Calvert Health Medical Center.
*The Buyer purchased the facility for $11,664,000, but $1,000,000 was held back at closing. This amount will be paid to the Seller if the Buyer can obtain a HUD loan on the building in the future. The facility was also subject to a ground lease with the neighboring hospital at the time of marketing. The ground lease had to be renegotiated during the due diligence period to a higher lease rate to allow for a smooth transition.
The Seller is a not-for-profit organization with seven continuing care retirement communities in MD, PA, OK and TN. Calvert County Nursing Center was the only skilled nursing facility of their portfolio, and this divestment was a move to focus more on their CCRC expertise. The Buyer is a growing investor-operator partnership based in New York. They have a strong presence in the Mid-Atlantic and Calvert County Nursing Center helped shape their geographic footprint.
Matthew Alley, Toby Siefert and Nicholas Cacciabando of Senior Living Investment Brokerage handled the transaction.
Matthew Alley sells seniors housing facilities throughout the US, with a focus on Texas. His expertise includes Skilled Nursing, Assisted Living, Independent Living and Memory Care, from value-add deals to Class A deals in major metro markets, mid level markets and rural markets.
For more information on the above transaction, or to inquire about the value of your Senior Living Communities, please contact Matthew Alley.
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