The Ensign Group Acquires SNFs in Idaho and Utah
The Ensign Group (NASDAQ: ENSG) acquired the real estate and operations of three skilled nursing and one intermediate care facilities across Idaho and Utah: Meadow View Nursing and Rehabilitation, a 112-bed skilled nursing facility in Nampa, Idaho; Utah Valley Healthcare and Rehabilitation, a 99-bed skilled nursing facility in Provo, Utah; Heritage Park Healthcare and Rehabilitation, a 115-bed skilled nursing facility in Roy, Utah; and Wide Horizons Intermediate Care Facility, an 83-bed intermediate care facility for individuals with intellectual disabilities in Ogden, Utah.
The acquisitions closed on May 1, 2017 (Meadow View and Utah Valley) and June 1, 2017 (Heritage Park and Wide Horizons). The average occupancy rate at the time of the acquisition was 82%, according to a press release.
With the latest purchases, Ensign’s portfolio includes 216 healthcare facilities, 20 hospice agencies, 18 home health agencies and three home care businesses across fourteen states.
CareTrust Makes $27 Million Play in Southwest
CareTrust REIT, Inc. (NASDAQ: CTRE) bought a pair of skilled nursing facilities — The Rio at Cabezon in Albuquerque, N.M. and The Rio at Fox Hollow in Brownsville, Texas — for a combined total of $27.3 million. OnPointe Health, LLC, the existing operator, will continue to lease the 136- and 126-bed facilities, respectively. Developer Mike Martel helped to facilitate the deal as one of the selling principals.
The San Clemente, Calif.-based CareTrust REIT owns facilities in 22 states.
Queens SNF Gets $59.8 Million HUD Loan
The Pavilion at Queens for Rehabilitation and Nursing secured a $59.8 million loan — insured by the Department of Housing and Urban Development — with the help of real estate lending and advisory company Greystone. The New York City-based firm had previously arranged a bridge-to-HUD loan for the Pavilion back in 2015, in order to help the family-owned-and-operated facility make improvements necessary to secure the HUD-backed financing.
Located in the Flushing neighborhood of Queens, the Pavilion has 302 beds, including a 40-bed ventilator unit and a 12-chair dialysis center.
Senior Living Fund Invests in Detroit Rehabilitation Facility
The Lenexa, Kan.-based Senior Living Fund entered the Michigan market for the first time, investing $13.1 million in renovations at a 54-unit transitional rehabilitation facility in Detroit. Senior Living Fund specifically targets investments in new private-pay facilities, with a smaller focus on opportunistic investments in government-pay and existing sites.
Written by Alex Spanko