Legacy Healthcare expands its Western division creating new regional hub
July 1, 2019 — SKOKIE, IL – Cascade Capital Group, a private healthcare real estate investment firm, announced the acquisition of a 16-facility skilled nursing portfolio in South Dakota. Stretching from Rapid City to Sioux Falls, the portfolio comprises in excess of 1,000 beds. The seller was represented by Houlihan Lokey Capital, Inc. Cascade secured financing through its long-standing lending partner, CIBC Bank USA.
The facilities will be managed by Cascade’s affiliate operating partner, Chicago-based Legacy Healthcare. This transaction represents a continued expansion for Legacy and adds to the geographic footprint of other Legacy facilities in the Western part of the United States located in Montana and Utah. The size and scope of this portfolio enables Legacy to create a second regional base, in addition to its existing hub in the Chicago market.
“A combination of factors contributed to the appeal of this portfolio, including the geographic concentration of the facilities in a unique market, the advancement opportunities both clinical and technological, and the upside potential through untapped revenue sources and expanded service lines,” explained Yitzy Rosenblum, Cascade’s EVP of Acquisitions. “Acquiring this portfolio at a good value will allow the Legacy team to commit the necessary capital to help enhance these facilities through capital improvements and innovative programming.”
“It is an honor to be a part of the South Dakota healthcare community,” said Connie Ortega, VP of Operations for Legacy Healthcare. “This regional footprint will allow us to dedicate resources in clinical best practices, staffing, and community initiatives. Plans are already underway to infuse significant capital into the facilities over the coming months, which has been our approach in our existing portfolios and why we are confident we can make a positive impact in these communities.”
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 2016 by the leadership team that built Legacy Healthcare, Cascade is rapidly growing its portfolio size and value. Today it is among the most active independent skilled nursing facility investors with an interest in individual and multi-asset portfolios, stable and distressed facilities and mixed or multi-state portfolios. For more information visit cascadellc.com.
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