Trending...
- Tampa-Based Digital Marketing Agency Launches New Website to Help Local Businesses Grow Online - 114
- California: Governor Newsom announces new tax credits that will generate $2.1 billion investment in world's 4th largest economy
- New PSA Campaign to Address Black Maternal and Infant Mortality in Los Angeles County
SAN CLEMENTE, Calif. ~ CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has acquired a 105-unit, two-facility memory care portfolio with facilities located in Ohio and Michigan. The facilities will be operated by affiliates of Ridgeline Management Company under a new, 15-year master lease with CareTrust that includes two, 5-year extension options and annual CPI-based rent escalators.
James Callister, CareTrust's Chief Investment Officer, remarked that Ridgeline's experience in operating similar communities and their passion for providing meaningful care to seniors made them an ideal fit to operate these facilities. John Safrans, CEO of Ridgeline, expressed confidence in the strength of the relationship between CareTrust and Ridgeline and stated that they look forward to identifying future opportunities for growth together.
More on The Californer
The initial investment in the facilities was approximately $21.1 million and was funded using proceeds from CareTrust's $600 million unsecured revolving credit facility. This provides for initial annual base rent of approximately $1,785,000. The transition of operations from the outgoing operator to Ridgeline began on June 1st 2023.
Eric Gillis, CareTrust's SVP Investments also commented on the new relationship with Ridgeline saying "We are delighted to enter into a new relationship with the talent and experience of Ridgeline and we look forward to identifying future opportunities for growth with them."
James Callister, CareTrust's Chief Investment Officer, remarked that Ridgeline's experience in operating similar communities and their passion for providing meaningful care to seniors made them an ideal fit to operate these facilities. John Safrans, CEO of Ridgeline, expressed confidence in the strength of the relationship between CareTrust and Ridgeline and stated that they look forward to identifying future opportunities for growth together.
More on The Californer
- NBA Champion Lamar Odom Launches Anti-Addiction Meme Coin, Ushering in a Disruptive Innovation in Web3
- Emmetra Partners with Renesas to Advance Agentic AI-Powered Imaging Solutions
- Gravity to Bring 5-Minute EV Charging to 8 Sites Across Greater LA
- California: Governor Newsom issues statement on Pope Leo XIV, the first American Pope
- New poll shows high rates of employee burnout amid concerns over politics and personal finances
The initial investment in the facilities was approximately $21.1 million and was funded using proceeds from CareTrust's $600 million unsecured revolving credit facility. This provides for initial annual base rent of approximately $1,785,000. The transition of operations from the outgoing operator to Ridgeline began on June 1st 2023.
Eric Gillis, CareTrust's SVP Investments also commented on the new relationship with Ridgeline saying "We are delighted to enter into a new relationship with the talent and experience of Ridgeline and we look forward to identifying future opportunities for growth with them."
Filed Under: Business
0 Comments
Latest on The Californer
- California: Governor Newsom announces upgrades to 21 state fish hatcheries to boost salmon populations
- Solaris Energy Infrastructure, Inc. (SEI) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit
- Risk Rater, Threat Assessment App, gives Users the Same Threat Evaluation as the Rich and Powerful
- Is it Really True That Tariffs Will Raise Car Insurance Rates?
- ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
- Coastal Business Systems Wraps Up Successful 2025 Tech Show in Redding
- AdOcto Turns AirBnBs Into High-Impact Advertising Channels
- Zefr Announces Launch of Pre-Screen Brand Safety Solution for Google's Search Partner Network (SPN)
- Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa
- Adster Techologies awarded US Patent for breakthrough innovation in reducing latency in Ad Serving
- Flexi-View Lending Closes $5.05 Million Residential Acquisition Loan in Billings, Montana
- Robert Fabbio Inducted into the Austin Technology Council Hall of Fame
- California: Governor Newsom, Superintendent Thurmond announce over $618 million to support another 458 community schools
- California: Governor Newsom announces judicial appointments 5.7.25
- Long Beach to Commemorate its Naval History with Commemorative Community Event
- Long Beach: City Celebrates Inaugural National Home Improvement Month: Love Where You Live
- California sues Trump administration for illegally withholding billions in bipartisan infrastructure funds: 'Another Trump gift to China'
- Tale of two trains: California high-speed rail leaves Texas in the dust
- California: State invests nearly $33 billion in cap-and-trade dollars to make communities cleaner and healthier
- Where AI Falls Short, Real Connections Rise—Media Outreach with Heart