Centra Health Sells Virginia Senior Care Portfolio
After deliberation by its board and senior leadership, Centra Health plans on selling its five Virginia senior care facilities. The Lynchburg, Virginia-based not-for-profit healthcare system decided it was time to focus on its core services and hand over its senior care operations to a more senior care-focused operator. Cascade Capital Group agreed to purchase the four skilled nursing facilities and have its subsidiary, Hill Valley Healthcare, operate them going forward. Then, Centra Health sold its CCRC to not-for-profit LifeSpire of Virginia, which owns and operates four CCRCs in Virginia. All parties have signed letters of intent and plan to close the sale around August... Read More »
Walker & Dunlop Finances Another Cascade Capital Group Acquisition
Walker & Dunlop’s Joshua Rosen arranged bridge financing for Cascade Capital Group’s acquisition of a 136-bed supportive living facility in Aurora, Illinois. Totaling over $11.0 million, the debt was structured and provided by W&D’s bridge lending program, which utilizes the company’s own balance sheet. It came with a nine-month term and full term of interest-only payments and allow Cascade to quickly execute on the acquisition. The loan also features flexible prepayment options, and Cascade expects to refinance through HUD later this year. If this sounds familiar, it’s because in August 2019, Walker & Dunlop provided a $12.8 million loan from its balance sheet to cover 100% of... Read More »
Cascade Capital Group Sizing Up South Dakota SNF Market
Cascade Capital Group clearly sees something in the South Dakota skilled nursing market, following up on its acquisition of 16 Skyline skilled nursing facilities in the state with the purchase of two SNFs and an assisted living community in Huron and Sioux Falls. Previously owned by a publicly traded REIT, this portfolio features a combined 322 skilled nursing beds and 55 assisted living beds. Two of the properties, the 163-bed SNF and the 55-bed AL community are located on the same campus in Huron, while the Sioux Falls facility is licensed for 159 SN beds. Their owner deemed the facilities to be non-core. Certainly, the properties were on the older side, having been built in the 1960s,... Read More »
Cascade Capital Group Adds to Illinois Portfolio
Three acquisitions in the last month counts as a spree, right? Well, Cascade Capital Group is in the middle of one, having announced its acquisition of two Chicagoland skilled nursing facilities through its affiliate Legacy Healthcare. The deal included a 214-bed SNF in Streamwood and a 215-bed facility in Wheeling. Both fall under the Bella Terra brand, which has one other location in the Chicago area (Morton Grove) along with Montana and Utah. Last month, Cascade also added a 156-bed SNF in Aurora, Illinois, and a portfolio of four skilled nursing facilities in Florida, which sold for $49 million, or $106,500 per bed, at a 13.3% cap rate. Legacy took over management of the Aurora... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
