Care Capital Properties, a healthcare real estate investment trust headquartered in Chicago, announces it has expanded its relationship with Louisville, Ky-based long-term nursing care provider Signature HealthCARE LLC.
A media release from Care Capital Properties (CCP) explains that Signature HealthCARE recently acquired the operations of 18 skilled nursing facilities owned by CCP from Elmcroft Senior Living Inc. The 18 properties—all but one of which is located in Kentucky—added approximately 1,700 beds to Signature’s network.
In addition, CCP funded $9 million to Signature, of which $8 million was added to the lease basis at an 8.5% return and $1 million was a 4-year fully amortizing loan. CCP entered into a new master lease with Signature to operate the properties at the existing Elmcroft rent plus the additional rent, the release continues.
CCP Chief Executive Officer Raymond J. Lewis says in the release that the transaction “exemplifies our strategy of proactively working with our customers to help them grow and succeed in the evolving healthcare landscape.”
“The acquisition of the Elmcroft operations enables Signature to expand its delivery of high-quality post-acute services throughout the state of Kentucky,” notes Signature President and Chief Executive Officer Joe Steier, in the release.
For more information, visit Care Capital Properties.
[Source(s): Care Capital Properties, Business Wire]