More than 60 skilled nursing facilities across six states have new operators after a major real estate investment trust (REIT) decided to make a change.
The portfolio stretches across six states in the Midwest and Pacific Northwest, with a total of 5,500 beds, according to Cascade Capital Group, which facilitated the deal.
The identity of the REIT and the operators were not disclosed; the properties are now under the control of five separate regional providers. The closings were finalized late last week.
“Cascade applied our unique understanding of the complexity of skilled nursing facilities to analyze the portfolio from the lens of an operator and not just a landlord,” chief financial officer Ross Bottner said in a statement announcing the deal.
The transaction marks a major milestone for the investment and management company, launched in January 2016 by principals of the Skokie, Ill.-based operator Legacy Healthcare. Cascade was responsible for underwriting the properties and negotiating approval from the Department of Housing and Urban Development.
“Despite the various states and multiple parties involved, Cascade brought this large, complex matter to a timely closing and seamless hand-off to the facilities’ new operators,” Bottner said.
Written by Alex Spanko