Specialty investment bank Ziegler announced it closed $91,910,000 Series 2021A, Series 2021B and 2021C bonds for a Washington not-for-profit corporation that owns and operates a continuing care retirement community in Tacoma, Wash.
The bonds will be used to fund an expansion project that will include the construction of 91 new independent living units, a new dining venue and renovations to multipurpose and meeting rooms. They were issued through the Washington State Housing Finance Commission.
The bonds will also be used to refinance Series 2013 Bonds, repay a taxable loan, pay interest on the bonds for approximately 28 months, and more.
The CCRC consists of 187 skilled nursing beds, among other senior care units.
“The expansion and reposition project will help modernize eliseo’s campus [formerly known as Tacoma Lutheran Retirement Community] while right-sizing its services continuum and diversifying its business model,” Sarkis Garabedian, managing director of senior living finance for Ziegler, said in the press release.
Ensign Group Acquires Two SNFs in Texas and One in Idaho
The Ensign Group (Nasdaq: ENSG) announced it acquired three skilled nursing facilities this month.
The facilities include River Pointe of Trinity Healthcare and Rehabilitation Center, a 98-bed SNF in Trinity, Texas; Park Village Healthcare and Rehabilitation, a 150-bed SNF in De Soto, Texas; and Skyline Transitional Care Center, an 80-bed SNF in Boise, Idaho.
“These opportunistic acquisitions further solidify our growing presence in both Texas and Idaho,” Ensign CEO Barry Port said. “These acquisitions fit very nicely into our existing operations from a cultural and geographic perspective.”
The acquisition brings Ensign’s portfolio to 245 health care operations across thirteen states.
Plains Commercial Sells Oklahoma SNF
Plains Commercial Real Estate announced the sale of English Village Manor, an 128-bed Atlus, Okla.-based skilled nursing facility.
The seller, a regional owner/operator, decided to shrink their portfolio. They worked collaboratively with the buyer, one of the largest SNF operators in the state, on the deal, allowing for a smooth transition, Plains Commercial said in a statement on the deal.
Daniel Morris with Plains Commercial handled the transaction.
SLIB Helps in Connecticut SNF Sale
Senior Living Investment Brokerage announced the sale of Villa Maria Nursing & Rehab, a 62-bed Plainfied, Conn.-based SNF.
A New England-based owner/operator purchased the family-owned SNF, which represents their third facility in the state.
“As a result of SLIB’s confidential and thorough marketing process, SLIB was able to pinpoint a well-established buyer who was strategically looking to expand their operations into eastern Connecticut,” Dave Balow, vice president of SLIB, said in the press release.
SLIB received multiple offers from New England-based groups interested in Connecticut-based SNF acquisitions.
Balow handled the transaction for SLIB.
Companies featured in this article:
Ensign Group, Plains Commercial Real Estate, Senior Living Investment Brokerage, Ziegler
