Ensign Grows in Utah with 120-Bed Pickup; Greystone’s $14M Kansas Play

The Ensign Group (Nasdaq: ENSG) on Thursday announced the acquisition of Bella Terra Cedar City, a 120-bed skilled nursing facility in Cedar City, Utah.

The transfer, which includes both the real estate and operations, became effective January 1, and the terms of the deal were not disclosed. Milestone Healthcare, Ensign’s Utah-based portfolio subsidiary, will operate the facility on a day-to-day basis.

The property had occupancy of about 50% as of New Year’s Day, the Mission Viejo, Calif.-based operator reported in a statement announcing the deal; the acquisition brings the total number of SNFs in the Ensign portfolio to 189. The company now owns the real estate associated with 73 of its 245 buildings, which also include assisted and independent living properties.

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“We have been eager to acquire an operation in Cedar City for many years and look forward to working to become the facility of choice in this growing market,” Ensign president and CEO Christopher Christensen said in the statement.

Greystone Bankrolls $14M Acquisition in Kansas

The New York City-based lending and investment firm Greystone started 2019 by announcing the $14 million funding of a skilled nursing deal in Johnson County, Kansas.

The 24-month bridge loan closed December 18, and was used to cover the purchase of a 130-bed SNF while Greystone arranges permanent financing through the Department of Housing and Urban Development.

“We’re excited to be able to deliver this ‘win’ for our clients, and we can now continue with our bridge-to-HUD lending process to get them a long-term financing solution,” Leor Dimant, who led the deal for Greystone, said in a statement announcing the deal.

Blueprint’s Triple Play in Pennsylvania

Blueprint Healthcare Real Estate Advisors arranged the sale of three skilled nursing facilities in the Wyoming Valley region of Pennsylvania, the Chicago-based brokerage firm announced last week.

The portfolio — which a private investor sold to a real estate investment trust (REIT) that installed a new operator with experience in the market — has a total of 416 licensed beds and occupancy of 85%. The previous owners had recently completed a capital improvement plan, according to Blueprint, attracting the attention of key referral partners in the region — and bringing in $34 million in total annual revenues across the three buildings.

Blueprint’s Christopher Hyldahl, Michael Segal, and Gideon Orion handled the transaction for the broker.

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