During 2002, HealthTrust, LLC prepared 101 appraisals for Life Care Centers of America. Of these 83 went through the HUD MAP Financing process. Twenty HUD offices were involved with the underwriting process and the last of the appraisals were finalized in February 2003. HealthTrust Partner W. Joseph Daniels was responsible for the project. “One of our primary areas of expertise involves the completion of large portfolio assignments. We have been engaged on several large skilled nursing facility portfolios during the past decade, including most recently the Life Care Centers of America HUD refinancing and the Beverly Healthcare Florida transaction.”
The LCCA HUD refinance consisted of a bridge loan with Credit Suisse First Boston, followed by a HUD takeout requiring re-appraisals in HUD format. The bridge loan of $398,500,000 involved 86 properties, totaling 10,550 beds in 22 states.
The Beverly Healthcare transaction represented the company’s exit from the state of Florida, a result of the current liability insurance crisis in that has affected Florida skilled nursing facilities. The transaction consisted of a $165,000,000 sale price involving 52 properties with a total of 6,300 beds.