CareTrust REIT extended a $15 million secured mezzanine loan to Next Healthcare in support of Next’s acquisition of a nine-property skilled nursing portfolio in Virginia. The portfolio includes approximately 1,000 skilled nursing beds.
“We are excited to work with Next Healthcare, owner of one of the most active privately-held skilled nursing owners in the country.” He noted that CareTrust believes that Next’s investment philosophy is closely aligned with its own. “Next shares our commitment to the ideal that providers who focus intently on superior care outcomes are not only deserving of our support but are those that will most likely thrive in the ever-changing post-acute world,” Mark Lamb, chief investment officer of CareTrust, said.
The secured mezzanine loan caries a five-year maturity and an annual interest rate of 12%. The loan was funded with proceeds from CareTrust’s $600 million unsecured revolving credit facility.
CareTrust REIT is a real estate investment trust company.
