Nashville, Tenn.-based MedEquities Realty Trust Inc. has closed on its previously announced acquisition of Woodlake at Tolland Nursing & Rehabilitation Center, a skilled nursing facility, from a wholly owned subsidiary of Prospect Medical Holdings Inc. for $10 million in cash.
MedEquities has leased the facility to Prospect ECHN Eldercare Services Inc. pursuant to a 12-year lease. Prospect Medical Holdings and Prospect ECHN provided a guaranty for the lease.
Woodlake at Tolland is a roughly 65,000-square-foot skilled nursing facility licensed for 130 beds. With its first acquisition in Connecticut, MedEquities now has 25 healthcare facilities with 2,475 licensed beds located in five states, including Texas, California, Nevada and South Carolina. MedEquities Realty Trust is a real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments.
