Strawberry Fields REIT, Inc. (NYSEAM:STRW) entered into a Purchase Agreement to acquire 24 Healthcare Facilities Located in Indiana for approximately $100 million on June 8, 2023. The Facilities are comprised of nineteen skilled nursing facilities with 1,659 licensed beds and five assisted living facilities with 193 beds, of which 29 are licensed. Under the Purchase Agreement, the Company will also make a loan of approximately $6,500,000 to the Sellers, which will be scheduled to be repaid e within 60 days of the closing.

Strawberry Fields REIT plans to purchase the facilities utilizing the Company?s current working capital and funds provided by a third-party lender. The Company funded the payment of the purchase price and the $6.5 million loan through a combination of a $66 million mortgage loan made to the Company by commercial bank, Popular Bank, and from the Company?s existing cash resources, as well as the application of a deposit of $5 million previously made by the Company. The potential acquisition of Facilities is subject to substantial conditions to closing.

As per filing on August 14, 2023, Closing is expected during the third quarter of 2023. Gary E. Axelrod of Latham & Watkins LLP acted as legal advisor to sellers in the transaction.