The Ensign Group (Nasdaq: ENSG) picked up where it left off in 2019 with a single skilled nursing and assisted living facility acquisition in San Antonio, Texas.
The San Juan Capistrano, Calif.-based nursing facility giant on Tuesday announced the purchase of The Healthcare Center at Patriot Heights, a combined facility with 59 skilled nursing beds and 158 independent living units. The transaction was effective as of New Year’s Day.
“We are excited to strengthen our presence in Texas with the addition of this health care campus, which greatly enhances our existing operations in the San Antonio market,” Ensign CEO Barry Port said in a statement announcing the deal.
The Patriot Heights property marks the 214th skilled nursing facility in Ensign’s growing portfolio; the company this past November acquired three additional facilities in San Antonio.
As with Ensign’s other San Antonio-area facilities, the Patriot Heights SNF will fall under the operations of Keystone Care, the company’s Texas-based affiliate.
“We look forward to working together with the local health care communities and an outstanding team of caregivers as we strive to exceed the clinical and social needs of each resident we are honored to serve,” Keystone president Kevin Niccum said in the statement.
Greystone’s $8M Refinance in Connecticut
Greystone finalized an $8 million refinance loan, backed by the Department of Housing and Urban Development (HUD), for the Colonial Health & Rehab Center of Plainfield, Conn.
The family-owned facility has 90 beds, according to the New York City-based Greystone, with both short- and long-term services.
The lending and advisory firm had previously extended a bridge loan that Colonial Health’s owners used to acquire the property last year; the permanent HUD financing has a 35-year term and amortization.
“This strategic financing places us in a financially secure position for years to come,” Colonial co-owner and administrator Curtis Rodowicz said in a statement. “We are grateful for the diligence and hard work of all the vendors, partners, and friends we made along the way that assisted in the comprehensive package that was approved.”
ORIX Completes Acquisition of Hunt Real Estate Capital
ORIX Corporation USA this week finalized its planned acquisition of Hunt Real Estate Capital, expanding the capital provider’s presence in the senior housing and care marketplace.
As part of the pickup, ORIX USA — the New York City-based affiliate of Japanese financial giant ORIX — will merge its other commercial estate lending platforms, Lancaster Pollard and RED Capital Group, into a single entity.
James Flynn, president and chief investment officer at Hunt Real Estate Capital, will lead the combined company, which will maintain a servicing portfolio of $40 billion; the firm logged more than $9 billion in loan production in 2019.
“This is an exciting opportunity to create a premier commercial real estate finance platform with a national reach,” Flynn said in a statement. “The combined company will benefit from our complementary talents and expertise, our shared culture of high-quality service and our extensive base of loyal clients.”