Ventas Closes $35 Million Sale of Samaritan Hospital
Ventas Inc. recently closed on the sale of Samaritan acute care hospital to affiliates of the University of Kentucky for $35 million in an all-cash transaction. The property is located in Lexington, Ky. and is currently operated by the University of Kentucky.
The purchase price represents a 6.8% capitalization rate on cash rent under a lease between the University of Kentucky and Ventas. The sale includes a 50,000 sq. ft. medical office building that was also subject to the lease, which will terminate in connection with the sale. Ventas expects to record a gain of approximately $18 million on the sale.
“Ventas has excellent liquidity and balance sheet strength,” Ventas Chairman, President and CEO Debra Cafaro said. “This sale further enhances our strong financial position.” The net cash proceeds to Ventas of $35 million will be used to pay down debt or for general corporate purposes.
Love Funding Secures Loan for California Assisted Living Facilities
Love Funding today recently secured a $6.2 million loan to refinance two assisted living facilities. Leonard Lucas, first vice president and senior originator of the Boston-based firm originated the transaction.
Lucas represented the owner of the two facilities, which are under long-term leases to an unrelated operator. The facilities are the 81-unit Summerville at Valley View, in Garden Grove, Calif. and the 87-unit Summerville at Tarzana in Los Angeles. Both facilities offer assisted living.
In securing refinancing for the facilities’ existing debt, Lucas worked with the borrower for a year. He helped the borrower explore available financing sources, and eventually, Lucas and the borrower agreed on fixed-rate, five-year bank financing.