CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has funded a $24.9 million B-piece secured financing on a 4-asset skilled nursing portfolio located in the Southeast. The portfolio includes approximately 700 skilled nursing beds.
The B-piece loan is secured by the borrowers’ ownership interest in the real estate and carries a three-year maturity with two, 1-year extensions and an annual interest rate of 9.00%. The loan was funded with cash on hand.
“This loan begins a new relationship with this new Southeast operator,” said Dave Sedgwick, CareTrust’s Chief Executive Officer. Mr. Sedgwick went on to state that: “The operator has done a tremendous job since taking over this portfolio and we are excited to now explore other opportunities to grow with them through our traditional asset acquisition and leaseback investment activity.”
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.
CareTrust REIT, Inc.