HACO Properties LLC has acquired the 120-bed Highland Meadows Health & Rehab, a skilled nursing facility in Rockwall, Texas. Greystone Vice President DJ Elefant provided the buyer with $12.8 million in bridge financing, while Helios Healthcare Advisors was the transaction’s debt broker.
The interest-only note features a 24-month term with one 12-month extension option. The new owner is currently working with Greystone to exit the interim financing with a long-term, HUD-insured permanent loan.
The community has both private and semi-private units. Amenities include a salon, dayroom and library. Services available include physical, occupational and speech therapies as well as stroke recovery and post-surgical and cardiac rehabilitation. Haco Health Solutions is property manager.
Located at 1870 John King Blvd., the facility is less than 2 miles east of several retail, dining and entertainment options. Interstate 30, providing easy access into Dallas, is less than 2 miles north.
The senior housing industry entered a new 10-year investment cycle as the Baby Boomer population is beginning to plan or consider a move into a retirement community. The influx of new residents should create a supply shortage, which will, in turn, magnify demand.