Feb 13 2014
Global Healthcare REIT, Inc. (the "Company" or "Global") (OTCQB:GBCS) announced today that effective February 7, 2014, it completed the acquisition of its fourth facility.
Acquisition of Southern Tulsa Healthcare Center
Effective February 7, 2014, the Company acquired the real property and improvements comprising a 100% interest in the Southern Hills Retirement Center, a skilled nursing facility located at 5170 S Vandalia, Tulsa, Oklahoma ("Southern Hills"). To complete the acquisition, the Company formed and organized Southern Tulsa, LLC, a Georgia limited liability company, a new wholly-owned subsidiary of West Paces Ferry Healthcare REIT, Inc., which itself is a wholly-owned subsidiary of Global.
The Southern Hills facility comprises a senior living campus of three buildings totaling 104,192 square feet sitting on a 4.36 acre parcel. The Center offers 106 nursing beds, 84 independent living units, and 32 assisted living beds.
The purchase price for Southern Hills was $2.0 million, of which $1.5 million was provided by a senior mortgage with First Commercial Bank, with the balance of $500,000 provided by Global. Global also provided a guaranty of the loan from First Commercial Bank.
As part of the acquisition, Southern Tulsa, LLC assumed an operating lease with a professional skilled nursing home operator.
SOURCE Global Healthcare REIT, Inc.
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