CareTrust REIT Adds Skilled Nursing Portfolio
The skilled nursing portfolio deals keep on coming, this time from a familiar source. CareTrust REIT announced its acquisition of four skilled nursing facilities in Texas, around the Dallas-Fort Worth metro area. Totaling 554 skilled nursing beds and 24 assisted living beds, they are currently leased to operating affiliates of The Ensign Group, and have been since Ensign took over operations more than a year ago from Senior Care Centers, which was going through bankruptcy proceedings at the time. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and... Read More »
Walker & Dunlop Arranges Montana SNF Sale
Walker & Dunlop announced its involvement in the sale of two skilled nursing facilities in Montana to CareTrust REIT. We recently covered the transaction, which represented CareTrust’s first since the pandemic began earlier this year. The facilities include Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena, and Elkhorn Healthcare & Rehabilitation, a 70-bed facility in nearby Clancy. Eduro Healthcare took over operations. Using cash on hand, CareTrust paid around $16 million, or $106,700 per bed, for the facilities, inclusive of transaction costs. Tony Cassie and Sam Thompson of Walker & Dunlop... Read More »
CareTrust REIT Adds Two Montana SNFs
One of the more consistently active acquirers in the skilled nursing market is back. CareTrust REIT just made its first post-COVID acquisitions for two skilled nursing facilities in Montana. The off-market transaction consisted of Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena, and Elkhorn Healthcare & Rehabilitation, a 70-bed facility in nearby Clancy. Eduro Healthcare took over operations. CareTrust paid around $16 million, or $106,700 per bed, for the facilities, inclusive of transaction costs. In addition, the REIT will provide around $500,000 for Eduro to improve the properties, which are... Read More »
Capital Senior Living Returns 18 Properties to Fannie Mae
It’s been quite a week of earnings announcements from the publicly traded senior care companies, with Healthpeak Properties, Welltower, CareTrust REIT, Sabra Health Care REIT, Omega Healthcare Investors, Five Star Senior Living, Diversified Healthcare Trust and The Ensign Group all reporting. Capital Senior Living Corporation also came out with its second quarter results, and surprised some by revealing it was turning 18 properties in forbearance with Fannie Mae back to the agency lender. We have never heard of a company basically handing the keys over to Fannie Mae for that many communities. It is safe to say we are in unchartered territory that does not fail to surprise us, to say the... Read More »Schedule a demo
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