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MedEquities Realty Trust Commits To Fund $19 Million Mortgage Loan To Haven Behavioral Healthcare For Inpatient Psychiatric Hospital

MedEquities Realty Trust Commits To Fund $19 Million Mortgage Loan To Haven Behavioral Healthcare For Inpatient Psychiatric Hospital

PR Newswire

NASHVILLE, Tenn., Jan. 9, 2018 /PRNewswire/ — MedEquities Realty Trust, Inc. (NYSE: MRT) announced that it agreed to provide an acquisition and construction mortgage loan of $19.0 million to Haven Behavioral Healthcare to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed inpatient psychiatric hospital in Boise (Meridian), Idaho. The loan has a three-year term and an annual interest rate of 10.0%.

MedEquities Realty Trust Logo (PRNewsfoto/MedEquities Realty Trust, Inc.)


The financing includes $7.7 million that was drawn immediately for Haven to acquire the existing property and $11.3 million that will be drawn to fund the conversion of the facility to a psychiatric hospital. Upon completion of the planned renovation, MedEquities has the exclusive right to purchase the property for a purchase price equal to the outstanding loan balance in a sale-leaseback transaction with a 15-year triple-net master lease at an initial lease rate of 9.3%.

Founded in 2006, Haven Behavioral Healthcare operates six inpatient psychiatric hospitals in Arizona, New Mexico, Ohio, Pennsylvania and Texas and provides inpatient psychiatric stabilization and treatment to adults experiencing acute symptoms of depression, anxiety, psychosis or other severe behavioral problems.

John McRoberts, Chief Executive Officer and Chairman of MedEquities, noted, “We have continued to extend our presence and diversify our investments in the behavioral health sector with proven operators. Haven is a new relationship for us and becomes our first investment in Idaho. We are pleased to support Haven’s plans for this facility. Their alignment with Sage Healthcare, the dominant psychiatric physician group, provides a strong foundation for serving the needs for inpatient psychiatric services in the Boise marketplace.”

About MedEquities Realty Trust

MedEquities Realty Trust (NYSE: MRT) is a self-managed and self-administered real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. The Company’s management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing and monetizing many types of healthcare properties and portfolios. MedEquities’ strategy is to become an integral capital partner with high-quality and growth-oriented facility-based providers of healthcare services on a nationwide basis, primarily through net-leased real estate investment. For more information, please visit www.medequities.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” and variations of these words and other similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and/or could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect or false. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, see the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2017, and other documents filed by the Company with the SEC. You are cautioned to not place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/medequities-realty-trust-commits-to-fund-19-million-mortgage-loan-to-haven-behavioral-healthcare-for-inpatient-psychiatric-hospital-300579414.html

SOURCE MedEquities Realty Trust, Inc.

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