SKOKIE, IL – Cascade Capital Group, a private healthcare real estate investment firm, announces the purchase of two skilled nursing facilities located in Billings, Montana. The seller, a regional owner/operator, was represented by Tony Cassie of Marcus & Millichap. The portfolio is comprised of more than 300 beds, with a purchase price of $13.7 million dollars. Wintrust Financial Corporation provided the financing for the transaction with a $10.5 million term loan to Cascade Capital Group, LLC. The facilities will be managed by Cascade’s operating partner, Chicago based Legacy Healthcare.
This transaction represents a continued expansion into the Western part of the United States for both Cascade and Legacy and adds to its geographic footprint of other Cascade/Legacy facilities located in Colorado and Utah. “Numerous factors contributed to the strong appeal of this portfolio, including the central location of the facilities in a growing market, the rebranding opportunities, and the upside potential through renovations and expense management,” commented Moti Ninio, Legacy’s Chief Financial Officer.
“We are pleased to work with Cascade Capital and provide financing for the acquisition of the Montana facilities,” said Laura Crandall, Senior Vice President at Wintrust Financial Corporation. “The team at Cascade Capital are successful veterans in the skilled nursing and post-acute market, and its operating partner, Legacy Healthcare, continues to take great pride in providing a high standard of service for its residents, while improving the financial health of its facilities.”
About 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, leasing to quality tenant operators. Launched in January 2016 by the owners/operators and leadership team that built Legacy Healthcare, Cascade seeks 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 post-acute care facilities in over 20 states. These facilities are well positioned to meet the demands of the medical community and more discerning healthcare consumers. For more information visit cascadellc.com.
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