{"id":1004196071,"date":"2017-11-03T08:27:49","date_gmt":"2017-11-03T16:27:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196071"},"modified":"2022-12-09T01:04:27","modified_gmt":"2022-12-09T09:04:27","slug":"caretrust-expands-health-care-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caretrust-expands-health-care-portfolio\/","title":{"rendered":"CareTrust Expands Health Care Portfolio"},"content":{"rendered":"<p>By Alex Ciorogar<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" data-attachment-id=\"1004196072\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/caretrust-expands-health-care-portfolio\/healthcare-news-02-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"healthcare news 02\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png?w=800\" loading=\"lazy\" class=\"alignright wp-image-1004196072 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png\" alt=\"healthcare news 02\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/healthcare-news-02.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>CareTrust REIT Inc. has acquired three skilled nursing facilities (SNFs), providing mortgage financing for a fourth Southern California facility. The company developed a new relationship with Providence Group, which has been operating the facilities since 2015.<\/p>\n<p><em>\u201cWe have long known and admired the Providence Group leadership team and we couldn\u2019t be more pleased to help them recapitalize these assets,\u201d<\/em> said Mark Lamb, CareTrust\u2019s director of investments, in prepared remarks. <em>\u201cThey understand the importance of providing superior patient outcomes in today\u2019s evolving <a href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-demand-for-skilled-nursing-facilities-edges-up-in-q1-2\/\">post-acute environment<\/a> and we look forward to growing this relationship for years to come.\u201d<\/em><\/p>\n<h2>Industry expertise<\/h2>\n<p>The four facilities allow Providence Group to create additional real estate equity value. <em>\u201cWe are excited about our relationship with CareTrust REIT. Their long-term commitment to us, the market and the post-acute care industry will allow us to continue serving the residents and staff of these wonderful facilities for many years,\u201d<\/em> said Jason Murray, Providence Group\u2019s CEO, in a prepared statement. <em>\u201cWith their long operating backgrounds and deep understanding of our industry, the CareTrust REIT team really understood our needs and priorities as an operator in what was a very complex transaction,\u201d<\/em> Murray added.<\/p>\n<p>The total investment for the 528-bed portfolio was $69 million, which will yield approximately $6 million in initial annual cash rent. The master lease carries an initial term of fifteen years with two five-year renewal options and CPI-based rent escalators. The acquisition was funded using CareTrust REIT\u2019s $400 million unsecured revolving credit facility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While providing mortgage financing for a SoCal property, CareTrust purchased other three skilled nursing facilities. Providence Group will be managing the assets.<\/p>\n","protected":false},"author":928,"featured_media":1004196072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21754,21742,15],"tags":[38193,36324],"class_list":["post-1004196071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-medical-office","category-latest","category-west","tag-caretrust-reit","tag-the-providence-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CareTrust Expands Health Care Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/caretrust-expands-health-care-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CareTrust Expands Health Care Portfolio\" \/>\n<meta property=\"og:description\" content=\"While providing mortgage financing for a SoCal property, CareTrust purchased other three skilled nursing facilities. 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