Cascadia Development
With a brisk fall bite in the air, we had our ground breaking ceremonies yesterday morning for our Transitional Care Facility at our Boise location. We are grateful for all of the local support, special thanks to both the St. Alphonsus and St. Luke’s representatives, the city of Boise, the Department of Health and Welfare, the Governors office and many other friends and colleagues who showed support and to those who also attended. We feel very blessed to have the support of the community and definitely felt it yesterday.
We continue to be amazed at the many talents our Cascadia partners have, Marlene and Dee, from Shaw Mountain of Cascadia, cooked and displayed an amazing spread of ordoeuvres and drinks from their own facility. Many others stepped up and help with decorations, marketing and setup. Thank you!
Lastly, one of our core values at Cascadia is Family, not just in our homes but the family units that we create in our respective facilities and our home office. These are essential to the growth of our culture, the support of our mission and our pursuit of building a lasting legacy in the industry. It was touching to see children from many of our Cascadia Principals and other partners within Cascadia as they had their very own unscripted shovel ceremony after all the old folks stepped aside.
Nothing touches my heart more than to know that the next healthcare generation of kids are getting the opportunity to be a part of Cascadia’s growth and the development of our culture.
Thank you for all your support!
Please take a virtual tour of our Transitional Care Facility, Click Here.
Dirt is moving on our Nampa location and we are getting very close to announcing our Ground Breaking for our Boise location. We have some new material to share with everyone, the links below are for a virtual tour of how these facilities will flow. The fixtures will be different but in general this will give you an idea of how the layout and flow will be.
We had a great ground breaking ceremony for our Transitional Rehab Center in Nampa, Idaho. Mayor Henry from Nampa was there along with many leaders from the community. We will continue to update our progress at the site over the next few months. A big thank you to everyone that shared their well wishes and those who showed up for this event. We are grateful for all of the support on this project.
Our Nampa Location is active and we are moving dirt! We are excited to start work on our new Transitional Rehab Facility! We will keep you posted as we make progress at the site. Currently we are hoping for a 13 month build time and should be opening fall of next year. Grateful for all the support and partnerships we have formed to make this all happen.
05/03/16
http://investor.caretrustreit.com/releasedetail.cfm?ReleaseID=968642
CareTrust REIT Acquires Idaho Skilled Nursing Facility
SAN CLEMENTE, Calif., May 03, 2016 (GLOBE NEWSWIRE) — CareTrust REIT, Inc. (NASDAQ:CTRE) today announced that it has acquired Shaw Mountain at Cascadia, a 98-bed skilled nursing facility located in Boise, Idaho, for $8.9 million. In connection with the acquisition, CareTrust entered into a triple-net lease with Cascadia Healthcare, LLC, which took over operations effective May 1, 2016.
The asset acquisition was sourced by Cascadia, who sought out CareTrust for sale-leaseback financing. Owen Hammond, Cascadia’s co-founder and CEO, explained their desire to partner with Care Trust. “Their operator-focused philosophy and deep understanding of skilled nursing operations really attracted us to them,” he said, adding that, “We know and trust the CareTrust team as a strategic ally, and look forward to a long and successful partnership with them.”
Greg Stapley, CareTrust’s Chairman and Chief Executive Officer, noted, “We have long known and respected Cascadia’s principals, dating back to our Ensign days together, and are excited to see Cascadia become a major player in the post-acute care delivery throughout Idaho and beyond.”
The Boise investment generates initial annual rental revenue of approximately $0.85 million to CareTrust under the terms of the Cascadia master lease, which carries an initial term of 15 years with two five-year renewal options and CPI-based rent escalators. The acquisition was funded with proceeds from CareTrust’s recent 8.5 million share equity offering, which took place on March 21, 2016.
In separate transactions on the same day, CareTrust also acquired a two-property, 67-unit senior housing portfolio in North Carolina for $11.8 million, which has been leased to Premier Senior Living at an annual rental of approximately $1.0 million. In addition, CareTrust acquired a 175-unit senior housing property located in Bedford, Virginia, in a sale-leaseback from 20/Twenty Management, at a cost of $10.0 million. The property was added to CareTrust’s existing master lease with 20/Twenty, and generates additional annual rental revenue of approximately $0.83 million.
About Cascadia Healthcare
Cascadia Healthcare is a growing post-acute healthcare company, based in Eagle, Idaho. Cascadia’s principals bring a deep understanding of healthcare operations at both the facility and regional levels, having worked in different capacities over many years at one of the nation’s most highly-respected publicly-traded post-acute care providers.
About CareTrustTM
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust that is engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 140 net-leased healthcare properties and three operated seniors housing properties in 19 states, CareTrust is pursuing opportunities nationwide to acquire additional properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust is available at www.caretrustreit.com.
Contact Information CareTrust REIT, Inc. (949) 542-3130, ir@caretrustreit.com
