IDAHO – CareTrust REIT Inc. has acquired the 99-bed transitional rehabilitation facility, Cascadia of Nampa, in Nampa, Idaho. The REIT is adding the newly constructed, skilled nursing facility to their existing Cascadia Healthcare LLC portfolio, for a current total of 12 facilities and 1,013 beds under the Idaho-based company's master lease.
CareTrust has supported the project from inception, making a preferred equity investment of $12.8 million to construct the facility in 2016, with Cascadia's development affiliate. CareTrust also secured the option to purchase the facility at a formula-based price upon completion, in November 2017.
The acquisition was funded using cash on hand. Initial annual cash rent for Cascadia of Nampa will be $1.45 million. The master lease carries annual CPI-based escalators, with twelve years remaining on the initial term, plus three five-year renewal options.
The purpose-built facility, located one block from the 152-bed Saint Alphonsus Medical Center, allows both CareTrust and Cascadia to expand their patient-focused care model throughout the Treasure Valley. A new sister facility of Cascadia of Nampa is also being developed using similar designs and the same financing structure supported by CareTrust in nearby Boise, ID.
CareTrust REIT Inc. is a self-administered, publically-traded real estate investment trust focused on owning, acquiring, developing and leasing senior housing and healthcare-related properties. The REIT holds 213 net-leased healthcare properties and three operated senior housing properties across 28 states.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
