Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky and Tennessee for $80+ Million

SOUTH BEND, Ind., Sept. 2, 2021 /PRNewswire/ -- Strawberry Fields, an owner and lessor of long-term acute care hospitals, skilled nursing and assisted living facilities in the Midwest and Southern U.S., announced today it has acquired six skilled nursing facilities located in Kentucky and Tennessee.

The purchase price was ~ $81 million and Strawberry Fields used the proceeds of a recently completed 3^rd Bond offering on the Tel Aviv Stock Exchange to finance this acquisition.

"The acquisition of these six new properties is part of our continued expansion in the Heartland," noted Moishe Gubin, CEO of Strawberry Fields. "This portfolio fits well geographically with our existing Strawberry Fields facilities in Tennessee and Kentucky and will be a great addition to our current operators."

The Kentucky facility will join the Landmark portfolio, which has operations throughout Kentucky, and in Texas, Oklahoma, Illinois, and Michigan.  Each of The Waters-branded operators at the five Tennessee facilities, have engaged Infinity Healthcare of Tennessee to provide consulting services. 

The properties include:

• Landmark of Kuttawa is a 65-bed skilled nursing facility that was built in 1968 and is located at 1253 Lake Barkley Drive in Kuttawa, Kentucky.
• Agape Rehabilitation & Nursing Center (A Water's Community), was built in 2005 and is an 84-bed skilled nursing facility located at 505 North Roan Street in Johnson City, Tennessee.
• Waters of Sweetwater, A Rehabilitation & Nursing Center that is located at 978 Highway 11S, in Sweetwater, Tennessee. This skilled nursing facility is a 90-bed home that was built in 1966.
• Waters of McKenzie, A Rehabilitation & Nursing Center that has 72 beds. Built in 1969, this property is located at 14510 Highway 79 in McKenzie, Tennessee.
• Waters of Memphis, A Rehabilitation & Nursing Center that was built in 2015 and has 90 beds. This skilled nursing property is located at 6500 Kirby Gate Blvd. in Memphis, Tennessee.
• Waters of Bristol, A Rehabilitation & Nursing Center, is located at 2830 Highway 394 in Bristol, Tennessee. This facility offers 120 beds and was constructed in 2017.

Moishe Gubin concluded, "The completion of this acquisition and this new bond series on the Tel Aviv Stock Exchange helps to drive Strawberry Fields' objective of continuously growing our portfolio accretive to shareholder value."

SOURCE Strawberry Fields REIT LLC