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NAMPA, Idaho — CareTrust REIT Inc. (NASDAQ: CTRE) has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa.
The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized.
Construction of the 52,000-square-foot began this week, for scheduled completion in mid-2017.
CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.