Trending...
- Leonardo Defense Systems receives new investment and expands Team
- Unveiling Puptqe: First-Ever Dog Bar Opening in Temecula Promenade This November
- Latest 8x8 Research Reveals IT and Contact Center Leaders Embrace Conversational AI or Fear Falling Behind
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
- AHF Honors and Remembers Senator Dianne Feinstein
- Save the Date! Long Beach to Host Festive Street Parade in Celebration of Día de Los Muertos
- TVS Flashback Network Adds Love American Style, Operation Petticoat, and Murphy Brown to Fall Sked
- IEI Releases AFL4-EHL Series Panel PC to Provide Versatile, Cost-effective Solutions
- AETH and BTOP, Two First-of-their-Kind Ethereum Futures ETFs From Bitwise, Intend to Launch October 2
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
- AMAZON TEAMSTERS PICKET TWO L.A. WAREHOUSES OVER UNFAIR LABOR PRACTICES
- California: Governor Newsom on the Passing of U.S. Senator Dianne Feinstein
- Mission Cloud Named to 2023 Best Workplaces in Technology List
- Bitwise Files Form 8-As for Two New Ethereum Futures ETFs, AETH and BTOP; Funds Intend To Begin Trading on Monday, October 2
- Step Up Announces Return of Inspiration Awards
- Global Luxury Value Exchange, Idoneus, Transitions to 100% IDON Transactions
- Swiss-Based Enclustra Announces US Operations in San Diego to Realize the Full Potential of Embedded Chip Technologies
- Faraday Future Announces its Outline for October FF 91 2.0 Deliveries as Part of its Ongoing 'Delivery Co-Creation Day' Plan and Provides Business Update
- Long Beach Showcases Key Growth Opportunities in City's Emerging Business Sectors at Inaugural Grow Long Beach Presentation
- Atrium 916 to Launch Zero Waste Mobile Art Cafe- with Sunset Paint & Sip on the River
- 'The Music Box' by Joanna Thorn
- USA Green Card Celebrates the State Department's Historic Inclusion of the UK in the DV-2025 Green Card Lottery
- Oxnard College's Camarillo-Based Fire Academy Opens New Facility
- You're invited to Monogram International's booth (#265) at New York Toy Fair
- RBB Bancorp Announces Termination of Agreement to Acquire Gateway Bank, F.S.B.
- Yo Egg to Unveil Exclusive Plant-Based Quail-Sized Egg at the Vkind Experience
- The Law Offices of Frank R. Cruz Announces Investigation of GigaCloud Technology Inc. (GCT) on Behalf of Investors
- California Increases Minimum Wage, Protections for Fast-Food Workers
- Do Grandparents Make Good Parents?
- RNA and DNA Endonuclease from Serratia marcescens