Marcus & Millichap Arranges Sale Of CRE Portfolio In Bankruptcy

The Marcus & Millichap National Senior Housing Group has completed the sale of the Highgate LTC Portfolio – a portfolio of skilled-nursing facilities with approximately 500 beds located in central New York state.

Highgate LTC consists of four facilities: Northwoods at Cortland, located in Cortland; Northwoods at Hilltop, located in Niskayuna; Northwoods at Rosewood Gardens, located in East Greenbush; and Northwoods at Troy, located in Troy. The aggregate purchase price was $22.7 million, and the buyer was Long Island-based Oasis Health Care.

Highgate LTC had previously been owned and operated by Highgate LTC Management, and the first mortgage was held by GE Capital. After encountering financial difficulties, Highgate LTC sought bankruptcy protection in April 2007. The properties were first put up for auction in August 2008.

The final bid price of $22.7 million represents a price of approximately $45,000 per bed. At the time of the auction, the overall occupancy of the facility was approximately 85%.

SOURCE: Marcus & Millichap


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