press release | 13 April, 2017 | 0
Cascade Capital Group announces the acquisition of eighteen Midwest skilled nursing facilities (SNF’s). (Photo courtesy of Blueprint Healthcare Real Estate Advisors)
Chicago, IL- April 1, 2017- Cascade Capital Group, a healthcare real estate investment & management company announces the acquisition of eighteen Midwest skilled nursing facilities (SNF’s). The portfolio consisted of facilities located in Iowa (2), Kansas (9), Missouri (6), and Nebraska (1). Purchased from a national, publicly-traded owner/operator, the portfolio is comprised of over 1800 licensed beds located in four states, with a purchase price in excess of $80 million dollars.
Cascade selected five separate tenant operators who were vetted and then selected for their commitment to quality care, advancement within the changing healthcare industry, and whose operational styles paired well with the facilities and respective markets.
A complex transaction that included an assumption of existing HUD mortgages, new bridge financing for multiple assets, and inheriting two leased facilities, Cascade brought the transaction to an on-time closing and seamless hand-off to the facilities’ new operators. This transaction continues Cascade’s rapid expansion, having to date closed on over $200 million in skilled nursing facility transactions since its launch in January 2016.
The Seller was represented in the transaction by Ben Firestone, Chris Hyldahl, and Michael Segal of Blueprint Healthcare Real Estate Advisors, http://blueprinthcre.com/done-deals/not-kansas-anymore/.
Cascade Capital Group, LLC
Cascade is an independent, privately-held healthcare real estate investment and management company focused on acquiring underperforming/value-add skilled nursing, rehabilitation, post-acute, and transitional care facilities to lease to quality tenant operators. Launched in January 2016 by the owners/operators and leadership team that built Legacy Healthcare, Cascade leases to tenant operators who demonstrate a true, identifiable commitment to outstanding care, technological advancement, and personal service. Leveraging its prior experience in healthcare operations, Cascade offers an unmatched Asset Management platform resulting in a new and growing inventory of 21st century post-acute care facilities positioned to meet the demands of the medical community and more discerning healthcare consumers.
For more information, visit www.cascadellc.com or email yrosenblum@cascadellc.com
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