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Strawberry Fields REIT Acquires A Skilled Nursing Facility for $5.4 Million

SOUTH BEND, Ind.— June 10, 2020

Strawberry Fields REIT LLC (Strawberry Fields), an owner and lessor of skilled nursing facilities, long-term acute care hospital facilities and assisted living facilities in the Midwestern and Southern U.S., today announced it has acquired a skilled nursing facility for $5.4 million.

Charleston Health Care Center is located at 203 Bruce Court in Danville, Kentucky and offers 90 skilled nursing beds, 16 assisted living beds, and an independent living cottage.

“The plan is to rebrand the property Landmark of Danville, and include it in the Landmark group of homes that are operated by A&M Healthcare,” commented Moishe Gubin, CEO of Strawberry Fields. “A&M already has other facilities in close proximity, including Landmark of Lancaster, which is located 15 minutes away from Danville.”

The average occupancy of the nursing home is 95.25%, of which 9.07% are Medicare, 71.63% are Medicaid, and 17.57% are Private and Insurance. The average occupancy in the assisted living portion is 69.85%.

“The property was up available for sale, as the long time owners were looking to retire. They had given so much to the facility and the Danville community, and they are handing off to operators who will protect and build on their legacy” added Gubin. “We expect A&M Healthcare to leverage savings from the synergy of the two facilities being so close to each other and exceed current performance.”

Danville is located 35 miles southwest of Lexington, Kentucky. Skilled nurses, therapists and licensed care professionals guide residents through personalized therapy when recovering from a hospital visit or in need of on-going medical support. Services include speech therapy, respiratory therapy and gait and balance training. A variety of group activities are also offered to residents.

Mr. Gubin added, “A&M/Landmark is a quality multi-state provider that operates several Strawberry Fields properties; and this property fits very well geographically into our Kentucky portfolio. We have confidence in Landmark’s ability to improve the performance at this facility.

Strawberry Fields is known as an active investor, working closely with lessees to ensure the quality of the facilities they own. “We maintain good contact with our operators, visit the facilities we own regularly and continually monitor to ensure compliance with state laws. We are pleased to expand our relationship with Landmark through this new acquisition.”

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Pam Flores