CareTrust REIT announced that it has extended a $22.25 million “B” piece secured loan for the acquisition of five skilled nursing facilities in California, with White Oak Healthcare Partners structuring the financing package. The portfolio comprises approximately 600 beds, and a private investment firm was the buyer. The “B” piece of the secured term loan carries a three-year maturity with two, one-year extensions and an annual SOFR-based interest rate with a minimum floor of 8.5%. White Oak also structured $53.4 million in financing to fund the deal. The borrower and operator were undisclosed, but both have long established relationships with CareTrust.
This follows the REIT’s announcement that it also extended a $75 million “C” piece financing and a $25 million mezzanine loan to fund the purchase of Stonerise Healthcare in West Virginia. In that deal, the “C” tranche of the senior secured term loan carries a five-year maturity and an annual interest rate of approximately 8.4%. The mezzanine loan bears interest at 11% and has a ten-year term.
