CareTrust REIT Inc. (NYSE: CTRE) funded a $24.9 million B-piece secured financing on a four-facility portfolio in the Southeast.

The portfolio includes about 700 skilled nursing beds, according to CareTrust.

“This loan begins a new relationship with this new Southeast operator,” CEO Dave Sedgwick said in a statement. “The operator has done a tremendous job since taking over this portfolio and we are excited to now explore other opportunities to grow with them through our traditional asset acquisition and leaseback investment activity.”

The B-piece loan was funded with cash on hand and secured by the borrowers’ ownership interest in the real estate; it carries a three-year maturity with two one-year extensions and an annual interest rate of 9%.

ESI Arranges 100-Plus Bed Indiana Deal

Evans Senior Investments (ESI) represented the seller, a regional owner/operator, in a 100-plus bed skilled nursing facility deal in Indiana.

The facility posted $10,200,000 in total revenue and was 71% occupied at the time of marketing, according to ESI. The buyer is a regional operator with an existing presence in the state.

High revenue generation contributed to an above-average net operating income margin of more than 30% – the Indiana community participated in the Upper Payment Limit program with a local hospital, ESI said.

“Evans Senior Investments showcased the additional revenue potential of the community since at the time of marketing the community had recently renegotiated their UPL contract to receive a larger share of UPL funds, ” Henry Fuller, senior associate at ESI, said in a statement.

ESI was able to overcome a “significant” Medicaid rate decrease since July while closing the sale, according to Jason Stroiman, ESI’s president and founder. The transaction closed at the same purchase price as the original letter of intent, he said.

Ziegler Closes $36M Financing For California CCRC

Specialty investment bank Ziegler closed on $36,035,000 financing for Carmel Valley Manor.

The not-for-profit continuing care retirement community (CCRC) is located in Carmel, Calif., on 25 acres of land, according to Ziegler.

Carmel has 36 skilled nursing beds, 27 residential living cottages, 119 residential living apartments and 24 assisted living units.

The operator is expected to use funds for campus improvement projects, refinance existing bank debt, fund capitalized interest, pay insurance costs, and fund a debt service reserve fund, Ziegler said.

“This successful round of financing will allow Carmel Valley Manor to initiate a campus wide repositioning plan, culminating in a Phase 2 expansion across independent living, assisted living, memory care and rehab services,” Jay Zimmer, president and CEO of Carmel Valley Manor, said in a statement.

The Series 2022 Bonds were issued through the California Municipal Finance Authority and will amortize over a 30-year period.

“We are thrilled to serve Carmel Valley Manor for its first public bond financing,” Sarkis Garabedian, managing director for Ziegler senior living finance, said in a statement. “Carmel Valley Manor is a unique community with strong leadership and a storied history that help it really stand out amongst its competition.”

VIUM Closes $200M Across Six Financings in August

VIUM Capital had a busy August, closing approximately $200 million in seniors housing and health care deals across six financings.

Among these financings was one involving two skilled nursing facilities in Arkansas – a bridge loan for $19,880,000.

The month of financings covered 28 projects in nine states, according to Steven Kennedy, executive managing director for VIUM Capital, ranging from Oregon to Florida.