CareTrust REIT Provides $24.9M Financing for Four Southeastern Skilled Nursing Facilities

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has funded a $24.9 million secured financing for a four-asset skilled nursing portfolio located in the Southeast.

The portfolio includes approximately 700 skilled nursing beds.

The loan is secured by the borrowers’ ownership interest in the real estate and carries a three-year maturity with two one-year extensions and an annual interest rate of 9 percent. The loan was funded with cash on hand.

“This loan begins a new relationship with this new Southeast operator,” says Dave Sedgwick, CareTrust’s CEO. “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.”

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