Care Capital borrows from revolver, term loan to acquire portfolio

By Marisa Wong

Morgantown, W.Va., Sept. 4 – Care Capital Properties, Inc. borrowed under its unsecured revolving credit facility and term loans to fund its acquisition of a portfolio of nursing facilities, according to an 8-K filing with the Securities and Exchange Commission.

The company acquired eight skilled nursing facilities and one assisted living facility and entered into a lease with Senior Care Centers, LLC to operate the acquired portfolio on Sept. 1.

Care Capital purchased the assets for roughly $190 million in cash and made a $20 million five-year fully amortizing loan to Senior Care Centers, for a total transaction value of about $210 million.

The real estate investment trust is based in Chicago.

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