Invesque has transitioned four skilled nursing facilities previously leased to Symphony Care Network to Cascade Capital Group, a privately-held healthcare real estate investment and management company based in Illinois.
It is the first phase of Invesque’s new framework with Symphony to be finalized, executives announced during a first-quarter earnings call Thursday.
The official move comes after the Toronto-based real estate company entered into a non-binding memorandum of understanding with Symphony, its largest post-acute care operator, due to ongoing struggles associated with the pandemic.
Next phases of the agreement will involve a sale of up to four more facilities, finalizing an amended and restated 15-year master lease for the remaining properties, and restructuring outstanding loan agreements with Symphony.
The next phases are expected to be completed during the second quarter of 2021.
“[Symphony] is a long-standing partner of Invesque, and we are confident that the overall structure will better position both of us for success with the remaining assets in our respective portfolios,” Invesque Chief Investment Officer Adlai Chester said in a statement.
“We are also excited to welcome Cascade as one of our strategic operating partners. Their existing presence in the Chicago-area will provide for a seamless transition of the facilities and allows for extensive operating efficiencies that will benefit the Invesque portfolio.”
For more coverage of this earnings call, see McKnight’s Senior Living.
