The deal follows Vantage’s purchase of four other Central Massachusetts elder healthcare center sites from Athena for $40 million in 2022.
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New York-based real estate investment firm Vantage Point Capital has purchased the site of Worcester Rehabilitation & Health Care Center for $17.8 million.
Vantage purchased the site at 119 Providence St. from Connecticut-based Athena Health Care Systems in a transaction finalized on Aug. 3, according to Worcester District Registry of Deeds records.
The deal follows Vantage’s purchase of four other Central Massachusetts elder healthcare center sites from Athena for $40 million in 2022. Athena has continued to operate those sites following the sales.
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Vantage’s purchase of Worcester Rehabilitation was supported with a $32.75-million mortgage from Ohio-based KeyBank, according to registry records.
Vantage is a real estate acquisition and investment company focused on assets in the healthcare and multifamily housing sectors, according to its website. The company acquires sites before signing leases with health care facilities that operate them.
Vantage owns 28 properties across the Northeast, according to real estate data firm CoStar.
Worcester Rehabilitation offers short-term rehabilitation, long-term, respite, and hospice care, according to its website. The four-story, 63,810-square-foot facility has 144 beds and was constructed in 1975. Athena purchased the site for $9.59 million in 2012, according to registry records.
Vantage’s purchase of Worcester Rehabilitation & Health Care Center was part of a larger $45-million deal, which also saw it buy the site of Athena’s Plymouth Rehabilitation & Health Care Center.
Worcester Rehabilitation is located on a 00.8-acre lot and received a 2026 assessment of $4.47 million, according to City of Worcester property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
