The Ensign Group Inc. (Nasdaq: ENSG) acquired Sedona Trace Health and Wellness, a 119-bed skilled nursing facility in Austin, Texas, and Cedar Pointe Health and Wellness Center, a 122-bed SNF in Cedar Park, Texas, earlier this month.
Real estate for both facilities was purchased by CareTrust REIT, Inc. (Nasdaq: CTRE) in the deal as an existing long-term, triple-net master lease was already in place between Ensign affiliates and CareTrust.
“We are excited to be growing in the Greater Austin area, which is a part of Texas we have been looking to grow in for some time. These acquisitions are a perfect fit both from a geographic and cultural perspective,” Ensign CEO Barry Port said in the press release.
Berkadia Closes Over $2B in HUD Financing in 2021
Berkadia announced it completed more than $2.1 billion in Department of Housing and Development-backed financing across 114 closings in the first half of the year, including seven transactions totaling more than $225 million in financing.
Refinance activity has accounted for more than 80% of Berkadia’s transactions as its clients are looking to take advantage of low rates, according to the press release.
Recent HUD loans secured by Berkadia include a skilled nursing facility in Oklahoma.
“HUD showed up in a big way to provide liquidity and stability in the market during the pandemic,” said Steve Ervin, senior vice president and head of FHA Finance at Berkadia. “We expected HUD’s momentum from 2020 to spill over into 2021 and remain impressed by the high level of execution from HUD.”
Existing Operator Buys From Blueprint
Blueprint Healthcare Real Estate Advisors recently announced its involvement in the sale of a 176-bed skilled nursing and long-term care facility.
The facility, Magnolia Manor, reportedly represents over 40% of the total licensed beds in the local market and its operational performance was consistent at near-stabilized levels.
Blueprint received five offers in two weeks and the in-place operator ultimately prevailed, securing the winning bid.
Plains Commercial Sells Texas SNF
Plains Commercial Commercial Real Estate announced the sale of a 115-bed Benbrook, Texas.-based skilled nursing facility this month.
The seller, a regional owner/operator, wanted to exit the Dallas-Fort Worth metroplex and sold the SNF to another regional owner/operator that wanted to grow their portfolio in Texas.
The transaction, handled by Plains Commercial Principal Daniel Morris, was closed in six weeks.
Companies featured in this article:
Berkadia, Blueprint Healthcare Real Estate Advisors, Ensign Group Inc., Plains Commercial Real Estate
