SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based owner, has extended a $22.3 million secured loan in connection with the acquisition of a five-asset skilled nursing portfolio in California.
The portfolio includes approximately 600 skilled nursing beds. The names and locations were not disclosed.
The loan carries a three-year maturity with two one-year extensions and an annual SOFR-based interest rate with a minimum floor of approximately 8.5 percent.
“On the heels of our recent loan funding in the Mid-Atlantic last month, we are excited to support the acquisition of this five facility California skilled nursing portfolio where both the borrower and operator groups have long-established relationships with CareTrust,” says Dave Sedgwick, CareTrust’s president and CEO. “The portfolio lies within some of the best markets in California.”