Northwind Group and Care Trust REIT Provide $105 Million in Mezzanine Loans Secured by 25 Skilled Nursing and Assisted Living Properties in Virginia and Missouri

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Feb 05, 2024, 11:29 ET

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- Northwind Group, a real estate private equity firm and debt fund manager, announced today that Northwind Healthcare Debt Fund II led the origination of two mezzanine loans totaling $105 million secured by two portfolios of 25 properties comprised of 2,920 skilled nursing beds and 186 assisted living units located in Virginia and Missouri. Care Trust REIT, Inc (NYSE: CTRE) participated with $44.8 million in the mezzanine loans and Deutsche Bank led $310 million in senior financings for the transactions together with CIBC.

The first loan is an $85 million mezzanine loan secured by 15 properties totaling 1,675 skilled nursing beds and 34 assisted living units across several densely populated seniors' markets in Virginia.

The second loan is a $20 million mezzanine loan secured by 10 properties totaling 1,245 skilled nursing beds and 152 assisted living units across the metro areas of Kansas City and St Louis, Missouri.

The mezzanine loans were funded from Northwind's closed-ended healthcare debt funds. Northwind Group's healthcare portfolio includes debt and equity investments in nearly 200 skilled nursing facilities and senior living communities, totaling approximately 23,000 beds/units, across 20 states in the US.

"This investment represents our core focus of providing structured financial solutions for leading skilled nursing owners and operators in select U.S. states. It was great coordinating the execution of this loan together with Care Trust REIT and we look forward to collaborating with them on future transactions," said Jonathan Slusher, Partner, Head of Senior Living and Healthcare of Northwind Group.

"We have grown to become one of the leading private lenders in the senior living healthcare debt vertical and have built a deep understanding of this asset class while cultivating strong relationships with owners, operators and other lenders. We have established our healthcare debt funds to provide flexible bridge to HUD financing solutions to premier operators in geographical locations we recognize have strong demographics and positive regulatory environment and believe 2024 will be a record year for our lending platform," said Ran Eliasaf, Founder and Managing Partner of Northwind Group.

"It was great coordinating the execution of these two loans with a co-lender as experienced and sophisticated as the Northwind Group," said James Callister, CareTrust's Chief Investment Officer.

About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan based real estate private equity firm with $3 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.

About CareTrust™
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.

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SOURCE Northwind Group