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CareTrust REIT invests $23M in 2 Calif. skilled nursing facilities

CareTrust REIT Inc. made a total initial investment of $22.8 million to acquire two healthcare facilities in California's Central Valley.

The two skilled nursing facilities are the 70-bed Central Valley Post Acute in Modesto and the Saint Claire's Nursing Center and Saint Francis Senior Residence in Sacramento.

Both properties have been leased to Kalesta Healthcare LLC, which has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento property as City Creek Post-Acute and Assisted Living.

The deal was funded using a combination of cash on hand and CareTrust's $600 million unsecured revolving credit facility.