A subsidiary of PACS Group, Inc. has been granted a $260 million loan to acquire a housing portfolio.
The borrower was described by lender CareTrust REIT, Inc. as a "large health care real estate owner," in a statement. The entity has obtained a $260 million senior mortgage, which will support the acquisition of 21 senior housing, and 32 skilled nursing facilities. The portfolio includes a total of 2,713 skilled nursing beds and 1,334 independent and assisting living units.
They are scattered across several states including Arizona, Idaho, California, Montana, Nevada, Oregon, Washington, and Alaska. The facilities will be operated by other subsidiaries of PACS.
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