CareTrust REIT draws down from $600 million revolver for acquisitions

By Mary-Katherine Stinson

Lexington, Ky., June 2 – CareTrust REIT, Inc. used the proceeds from its $600 million revolving credit facilities for several acquisitions, according to multiple press releases.

The drawdown was used to acquire a 125-bed skilled nursing facility in the greater Houston metropolitan area, a multifacility portfolio of skilled nursing facilities located on the West Coast including 450 skilled nursing beds and 20 assisted living units and a 105-unit, two-facility memory care portfolio with facilities in Ohio and Michigan.

The initial investments, inclusive of transaction costs, were approximately $14.3 million for the Houston facility, $71.5 million for the multifacility portfolio on the West Coast and $21.1 for the memory care portfolio in Ohio and Michigan.

San Clemente, Calif.-based CareTrust is a real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, senior housing and other health care-related properties.

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