CARMEL, Ind. – Mainstreet®, a national company known for real estate development, value investments and health care, announced today that its affiliated publicly traded Canadian real estate company, Mainstreet Health Investments Inc. (TSXV: HLP.U) (the “Company”), has completed its offer and sale of 9,500,000 common shares for $95 million in gross proceeds.
The majority of the net proceeds will be used by the Company to acquire the following 13 seniors housing and care properties (the “Properties”):
· Seven properties (five assisted living and two skilled nursing) located in and around Scranton, PA. The properties are leased to a single operator under a triple net master lease;
· Two Mainstreet developed transitional care properties located in Mooresville, IN and Chesterton, IN. Each property is leased to a third party operator under a triple net lease;
· A transitional care property located in Topeka, KS, currently under development by Mainstreet. The property is leased to an operator under a triple net lease; and
· Three properties (two independent/assisted living and one memory care) located in and around Syracuse, NY. The properties will be leased to a single operator under three separate triple net leases.
Any remaining net proceeds will be used to repay financing on one of the Company’s existing properties, lend mezzanine financing, fund capital improvement projects, and working capital.
The company has filed a Canadian prospectus on SEDAR, an electronic database maintained on behalf of the Canadian provincial and territories securities regulators. Documents filed on SEDAR may be viewed at www.sedar.com.
“We are energized about this public offering and the ability to acquire high-quality health care properties in North America,” said Scott White, president of the Company. “Our goal is to create long-term shareholder value while continuing to transform lives and transform health care. This acquisition is the first step in serving the health care consumer and will provide our shareholders with an investment opportunity that makes a difference.”