Cascade Capital Group announced a few large transactions totaling 15 skilled nursing and assisted living facilities with more than 1,550 licensed beds for a combined purchase price of $130 million.
In one of the transactions, Cascade purchased eight skilled nursing facilities in California that are being leased to The Ensign Group and The Providence Group, with the majority going to Ensign. Five have been transitioned and three more will be transitioned over the next few months. Sector Financial provided senior financing for the acquisition and Formation Lending Group provided the mezzanine debt.
In the second transaction, Cascade acquired five skilled nursing facilities and two assisted living communities in Minnesota and South Dakota. The Minnesota facilities have been leased to Monarch Healthcare Management and the South Dakota facilities to Utah-based Eduro Healthcare. The outgoing operator was on the verge of bankruptcy, which increased the complexity of closing the transaction. In this transaction, Rob Reis of Marcus & Millichap represented the seller and CIBC financed the acquisition for Cascade.