A massive healthcare real estate deal was closed in Brooklyn today. The Boro Park Center for Rehabilitation and Healthcare has been sold for $161.5 million in one of the largest nursing home transactions in years.
The seller, investor Daryl Hagler, sold the nine-story facility located at 4915 10th Avenue in Boro Park. The building houses 504 beds, making it one of the largest nursing homes in the area.
The property has long been operated by Centers Health Care, which is owned by Daryl Hagler and Kenny Rozenberg. The facility is considered the company’s flagship location within its tremendous network of healthcare services across the Tri-State area.
The deal presents a massive appreciation in value. City records show the property was originally purchased in 2011 for just $19 million, before refinancing it in 2017 with a $78.4 million loan, ultimately exiting at more than eight times the original purchase price.
The buyer is listed in property filings as 4915 10th SNF Realty LLC, a Lakewood, New Jersey-based company registered to Shmuel A. Serle.
Financing for the purchase included a $64 million mortgage from Huntington National Bank, part of a bigger $130.7 million loan package, according to documents filed with the city.
More importantly, the deal is structured as a real estate purchase, meaning the facility will continue operating under Centers Health Care, which means no disruption to patient care or services currently ongoing in this location.
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