White Oak Healthcare Finance secured an $81 million credit facility for 14 skilled nursing facilities owned by GMF Capital, White Oak announced last week.
The transaction included a $66 million senior credit facility to refinance the properties, located in Ohio and Kentucky, along with a $15 million line of credit for the operating company.
GMF Capital’s health care portfolio currently includes 125 properties, with a mix of SNFs, independent living facilities, assisted living properties, and memory care buildings, among others; the total platform has about $600 million in assets under management in 10 states.
“GMF is a well-respected investor in the healthcare real estate sector with deep domain expertise,” White Oak managing director Ross Eldridge said in a statement. “We were able to offer a competitive structure to help GMF execute their business plan, and we are excited to grow this strategic partnership as we continue to be an active lender in the health care industry.”
Ensign Expands Again in Arizona
Less than two weeks after acquiring its 200th skilled nursing facility, the rapidly expanding Ensign Group (Nasdaq: ENSG) brought its total to 201 with a purchase in Arizona.
The San Juan Capistrano, Calif.-based SNF chain purchased the Surprise Health and Rehabilitation Center, a 100-bed facility in the Phoenix suburb of Surprise, Ariz.; the deal formally closed Monday, according to Ensign.
“We are very excited to once again add to our growing presence in Arizona,” Ensign CEO Barry Port said in a statement. “Adding this newly constructed facility to our existing facilities in the greater Phoenix area further enhances our ability to provide top-quality care for members of this community,” he added.
Bandera Healthcare, Inc. — Ensign’s Arizona operating subsidiary — will oversee the property.
“We are thrilled to add this brand-new operation to our growing market, and are looking forward to working together with local health care communities to meet the needs of the residents we will be honored to serve,” Bandera president Forrest Peterson said in the statement.
News of Conn. SNF’s Hotel Conversion Premature
The Westport Rehabilitation Complex in Westport, Conn., will stay open, in a reversal of course from earlier this year, the Westport News reported.
The 120-bed skilled nursing facility notified occupants of plans to file an application to end operations by later this year, at the same time the building owners filed a pre-application to turn the property into a hotel, the publication reported.
The news broke during a community meeting held July 29. However, several residents have already left, according to state Rep. Jonathan Steinberg.
State ombudsman Mairead Painter told Westport News that she was informed by Traditions Senior Management that the facility will stay open, though she has not received anything in writing.
Door County Medical Center SNF Opens to Residents This Month
The newly expanded Door County Medical Center will receive residents on August 13, the Green Bay Press Gazette reported.
The Pete and Jelaine Horton Skilled Nursing and Hospice Care Center was added to the existing facility, after raising leaders raised than $7 million in donations both private and public.
The facility has private rooms for 30 residents and two hospice rooms.
Helios Healthcare Advisors Secures Refi in Los Angeles
Helios Healthcare Advisors refinanced the 172-bed Los Angeles County Nursing Home, securing a 4.85%, 15-year fixed rate loan for the facility.
The amount of the loan, which let the borrowers pay off their first mortgage and establish a revolving line of credit, was not disclosed.