The team at Contemporary Healthcare Capital closed a $5 million mezzanine loan to the affiliates of Citadel Care Centers and Cascade Capital Group for their acquisition of four skilled nursing facilities in Florida. The portfolio totals 460 licensed beds and has locations in Fernandina Beach, Haines City, Orange County and North Port. Contemporary closed the loan in conjunction with a senior loan and accounts receivable line provided by SunTrust Bank. The purchase price came to just over $106,000 per bed, and Mike Pardoll of Marcus & Millichap and Mark Myers (formerly with Marcus & Millichap) represented the seller.
This announcement comes just a month after Cascade revealed that it acquired a 16-SNF portfolio in South Dakota from Skyline Healthcare. Just a couple months before that, the firm bought eight southern California SNFs and another seven senior care facilities in South Dakota and Minnesota. That is a busy year.