SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a seniors housing investor based in San Clemente, has extended a $75 million “C” piece financing as part of a larger multi-tranche senior secured term loan and has extended a $25 million mezzanine loan to a private equity skilled nursing real estate owner.
The loans are in connection with the acquisition of an 18-property portfolio in the Mid-Atlantic. The portfolio includes approximately 2,000 skilled nursing beds.
The “C” tranche of the senior secured term loan carries a five-year maturity and an annual interest rate of approximately 8.4 percent. The mezzanine loan bears interest at 11 percent and has a 10-year term.
Dave Sedgwick, CareTrust CEO, described the deal as “executing on our operator-first, relationship-based investing” approach.
The loan was funded with proceeds from CareTrust’s $600 million unsecured revolving credit facility.