Lancaster Pollard Closes $400 Million Bridge Financing
There’s no such thing as a summer lull for Lancaster Pollard, which recently announced the closing of $400 million in bridge financing for 27 skilled nursing facilities located throughout California. The borrower was a large skilled nursing operator based in California, Plum Healthcare, that previously had a corporate term loan credit facility on the portfolio. Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple led the way for Lancaster Pollard, which served as syndication agent on the transaction, while Credit Suisse served as the lender. Upon the transaction’s closing, Lancaster Pollard immediately began work on refinancing through HUD. Meanwhile, Rob McAdams of Lancaster... Read More »
CareTrust REIT Acquires in California
CareTrust REIT is on a tear this year, having acquired 33 senior care properties since the start of 2017 and bringing its portfolio to 184 total properties. In all of this activity, CareTrust has also not been limited to a specific geography, making acquisitions in 10 states across the country. Despite being headquartered in San Clemente, California, CareTrust waited until Halloween to make its first Golden State acquisition of the year, and entered into a new tenant relationship at the same time. The REIT announced it had bought three skilled nursing facilities, totaling 528 beds, in Southern California for approximately $69 million, or about $130,700 per unit. Operating the facilities... Read More »
Diving Into CareTrust REIT’s Latest Virginia Acquisition
When CareTrust REIT announced a spate of deals at the beginning of this month, on top of an already busy year, one deal in particular stood out, mainly for the fact that it did not involve a skilled nursing facility. With a couple of exceptions when the REIT purchased a few memory care communities in Wisconsin and Minnesota, 2017 has mostly seen a build-up of CareTrust’s skilled nursing portfolio, including 20 facilities in five transactions announced so far this year. However, CareTrust bucked its recent trend and also acquired a portfolio of three assisted living communities in Virginia from Amerisist Assisted Living for an undisclosed price. Located in Culpepper, Louisa and Warrenton... Read More »CareTrust REIT Keeps It Up
CareTrust REIT is heading closer and closer to the 200-facility mark, currently sitting at 181 properties in 23 states, as it continues to purchase senior care facilities across the country. Just last month, the REIT bought 13 skilled nursing facilities in Washington, Texas and Idaho, all formerly operated by affiliates of Kindred Healthcare. Now, CareTrust has added three more Kindred facilities in Washington State to its growing portfolio. Located in Arden, Lakewood and Vancouver, the facilities total 268 beds. CareTrust added them to its existing master lease with affiliates of Five Oaks Healthcare, which has a remaining initial term of about 13 years, two five-year renewal options and... Read More »Schedule a demo
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