Marcus and Millichap (MMCC) arranged $18.4 million in acquisition and conversion financing for the project. MMCC was able to develop a partnership of different parties to raise the full amount.

The facility will be operated by KPC Health. It will include 10 ICU beds, 13 Rehab beds and 30 long-term care beds for a total of 53 beds.

KPC, the parent company of KPC Health, has over $10 billion in assets, including hospitals, clinics, schools and commercial real estate.

MMCC Director Kevan McCormack says the project was much needed, “The pandemic has taught us about the state of the healthcare industry and demand for increased bed counts.”