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CareTrust REIT Acquires Two Illinois Memory Care Facilities with New Operator Relationship

CHICAGO — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 136-unit, two-facility memory care portfolio located in metro Chicago.

Chapters Living will take over operations at the community, which is a new relationship for CareTrust. Chapters Living is a seniors housing and memory care operator based in the Midwest led by industry veteran Danny Stricker.

The two properties will be placed in a 15-year, triple-net lease. The agreement includes two five-year extension options as well as annual CPI-based rent escalators.

CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $18.2 million. The acquisition was funded using proceeds from the Company’s $600 million unsecured revolving credit facility and provides for initial annual base rent of $1.7 million with rent being abated for the first three months.

The post CareTrust REIT Acquires Two Illinois Memory Care Facilities with New Operator Relationship appeared first on Seniors Housing Business.

Source: Senior Housing Business

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