Norvin Healthcare Properties Buys Hospital in Golden

600 Golden Ridge Road, Golden, courtesy of CBRE.

The Post Acute Medical Rehabilitation Hospital, located at 600 Golden Ridge Road in Golden, has sold to Norvin Healthcare Properties, for an undisclosed price. The approximately 60,000-square-foot inpatient rehabilitation facility is fully leased to Post Acute Medical (PAM). PAM is currently completing a $4.25 million renovation of the building, which will expand the capacity of the facility to 60 rehabilitation beds, with the ability to add more as the business grows.

Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger with CBRE U.S. Healthcare and Life Sciences Capital Markets represented the seller, Golden Senior Housing I Propco, LLC. Additionally, Sabrina Solomiany, Zack Holderman and Cole Reethof of CBRE’s U.S. Healthcare and Life Sciences Debt & Structured Finance group worked on behalf of the buyer to secure the acquisition financing.

“In the post-acute care model, inpatient rehabilitation hospitals continue to achieve extremely strong interest from the real estate investor market, and this asset was no different. This facility fills a void in the market for both inpatient and outpatient rehabilitation services and was delivered significantly below replacement cost by using an existing structure,” said Mr. Bodnar, vice chairman, CBRE.

PAM provides high-quality, post-acute care services for people with injuries, illnesses and disabilities. They treat patients with a wide variety of conditions such as brain injury, Parkinson’s disease, spinal cord injury, amputation, wounds, neurological disorders and more. PAM is made up of more than 40 long-term acute care hospitals and medical rehabilitation hospitals and 18 outpatient physical therapy locations across 13 states.

CBRE was able to arrange for acquisition financing with favorable terms including non-recourse and a lengthy interest-only period at a competitive interest rate.

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