Carter/Validus Buys Ethicus Hospital in Grapevine, TX for $23M

A subsidiary of Tampa, FL-based Carter/Validus Mission Critical REIT has acquired the fee simple interest in a 60-bed, 61,400 square foot long-term acute care hospital in Grapevine, TX for $23 million, plus closing costs. The seller was MAC Grapevine LTACH, L.P.

The Grapevine Hospital Property was constructed on four acres in 2007. The property is 100 percent leased to Ethicus Hospital-Grapevine, LP.

In connection with the acquisition, Carter/Validus entered into a loan agreement with Providence Bank to secure a loan for $14 million, which is secured by a first priority interest in the Grapevine Hospital Property. The loan has a fixed annual interest rate of 4.50 percent and matures on February 28, 2018.

Carter Validus Mission Critical REIT, Inc. focuses its acquisitions on mission critical assets in the data center and healthcare sectors.