Oct. 16, 2018 – SKOKIE, IL – Cascade Capital Group, a private healthcare real estate investment firm, announces the purchase of two skilled nursing facilities located in the Chicago metro area. The facilities, which were purchased in two separate transactions, were previously operated by individual non-for profit hospital systems. The portfolio is comprised of more than 230 beds, with a combined purchase price of less than $10 million dollars. Cascade secured financing through its established lending partner, CIBC Bank USA, formerly The Private Bank.
Cascade leased the facilities to its operational partner, Legacy Healthcare, a recognized premier operator, headquartered in Skokie, IL. Legacy now operates over 30 Cascade skilled nursing facilities, primarily in Chicagoland. These new facilities, Avantara of Elgin and The Grove of St. Charles, join Legacy’s robust portfolio of properties providing a continuum of care in the local markets.
“Cascade was able to acquire these assets at a time when the Chicago market, like many others nationally, is experiencing a downward pricing trend,” commented Yitzy Rosenblum, Cascade’s Vice
President of Acquisitions. “Buying these facilities at a great value, under $50,000/bed, will allow us and our operator to invest the necessary capital to help restore these facilities, both aesthetically and operationally.”
“We have had the privilege of working with the Cascade and Legacy teams for many years and are confident in their ability to continue to create transformational facilities that provide a high standard of care for the residents while achieving financial success,” said Michael Monticello, Managing Director at CIBC. “It was great to work with Cascade Capital and provide financing for the acquisition of these new Illinois facilities,” added Chris Gibson, Managing Director at CIBC.
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. 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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For further information or to set up an interview, please contact Anna Lockhart at 312.718.6511 or firstname.lastname@example.org.