The “flywheel is racing” for CareTrust REIT (NYSE: CTRE), CEO David Sedgwick said in announcing a renewed and doubled unsecured revolving credit facility at $1.2 billion.

The San Clemente, Calif.-based real estate investment trust is on pace to close on approximately $1.5 billion of investments this year, almost seven times its annual average, Sedgwick said in a statement.

“Today’s announcements bolster a historically strong position from which to build on this year’s momentum,” he said. “Not including Phase 2 of the Tennessee acquisition, targeted for month-end, we currently have an investment pipeline of approximately $350 million, not including larger portfolio opportunities we are reviewing.”

Sedgwick refers to the pending acquisition of a 31-facility portfolio for about $500 million, its largest acquisition to date; CareTrust is going in on the deal with a joint venture partner, while most of the facilities will be operated by well-known, existing partners of the REIT.

The REIT has had a string of major acquisitions throughout the year, most recently with a 46-facility skilled nursing and senior housing portfolio for $97 million in a deal announced earlier this month.

The renewed credit facility is supported by banks who have been with the real estate investment trust from day one, along with a few that are newer partners, CareTrust CFO Bill Wagner added.

“We are thrilled to have such a strong group who not only provide optionality for us but also seek to bring us valuable ideas to accelerate our growth,” Wagner said in a statement. “This credit facility provides a vital means for financing future acquisitions of any size.”

KeyBanc Capital Markets acted as joint lead arranger and administrative agent for the bank group, while BMO Capital Markets, JPMorgan Chase Bank, Bank of America, and Wells Fargo Securities were joint lead arrangers and syndication agents.

The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank, and the Royal Bank of Canada were co-documentation agents for the revolver.

Also on Thursday, CareTrust announced that S&P Global Ratings has upgraded the company’s corporate rating to BB+ and upgraded its issue-level rating on CareTrust’s unsecured notes to BBB-.

CareTrust is not the only company active in the skilled nursing and senior living M&A market: Earlier this week, The Ensign Group (Nasdaq: ENSG) announced its entry into Oregon and Alaska for the first time, via a portfolio acquisition.