The Ensign Group this week acquired the real estate and operations of a Texas skilled nursing facility.
Park Manor of McKinney is a 138-bed nursing home located in McKinney, Texas. Standard Bearer Healthcare REIT, Ensign’s captive real estate company, acquired the real estate effective Aug. 1, according to a news release.
The deal brings Ensign’s portfolio to 259 health care operations, 26 of which include senior living operations, across 13 states. Ensign subsidiaries own 106 real estate assets, according to the release.
“This acquisition adds to an already busy summer of growth and continues to showcase our commitment to grow our operations and real estate portfolio,” Ensign CEO Barry Port said in a statement.
Lument Closes $87M Financing For Midwest SNF Portfolio
Lument closed an $87 million facility for an operator to refinance nine skilled nursing facilities located across three states.
The operator, Atrium Centers Inc., is a provider of short-term, post-acute rehabilitation and long-term nursing care with 29 nursing homes in four states.
Through the U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(F) program, Lument obtained low, fixed interest rates on all nine loans before the recent rate increases occurred, according to a news release.
Lument Managing Director Brad Competty, who led the transaction, said they used a trend analysis to find the nine properties that had remained stabilized throughout Covid and were ready for HUD financing.
“Collaborating with Atrium Centers, an award-winning provider with a sterling reputation, was a pleasure from the outset, as we identified an ambitious set of goals and then formulated our strategy for a successful refinancing,” Competty said in a statement.
Capital Funding Group Finances $1.8B in First Half of 2022
Capital Funding Group has financed more than $1.8 billion in the first half of 2022, the company announced late last month.
CFG executed 55 bridge loans and 13 HUD loans for long-term care, assisted living and multifamily properties.
Some of the skilled nursing deals include:
- $316.9 million bridge loan for the refinancing of a nationwide skilled nursing facility portfolio
- $18.8 million HUD loan for a 152-bed skilled nursing facility in Florida
- $10.57 million in Bridge-to-HUD financing for the acquisition of an 84-bed skilled nursing facility in Pittsgrove, N.J.
- $6.6 million HUD loan for a 175-bed skilled nursing facility in Connecticut
“Following a record-setting 2021, we’re excited about our momentum in 2022 as we continue to grow our business and support our clients’ goals,” said Erik Howard, CFG’s executive managing director of business development and marketing.
4 Absolut Care Nursing Homes Change Hands
Four Absolut Care nursing homes in the Western New York area and one facility in Rochester are shifting operations to separate LLC companies and a separate ownership group respectively, away from longtime owner Israel Sherman.
Total purchase price for all five sites was $100,000, according to a local news report. The deals were on hold since early 2020, as the Absolut nursing home chain filed for bankruptcy in 2019; asset purchase agreements were signed in July 2017.
Facilities include a 40-bed site in Eden; 100-bed site in Houghton; 120-bed site in Salamanca; 40-bed site in Dunkirk, along with another site in Endicott.
Facility owners don’t plan on changing the number of beds or services provided upon shifting operations, according to the report.
Ziegler Obtains $71M in Financing for Virginia CCRC
Ziegler in July closed on $71,000,000 in Series 2022A and 2022B Bonds for Shenandoah Valley Westminster-Canterbury, a continuing care retirement community (CCRC) in Virginia.
Shenandoah offers 51 skilled nursing beds, 218 independent living units, 48 assisted living units and 12 memory care units.
The Series A long-term bond is for $51,000,000 at a 12-year bank commitment period. The Series B Bond is a $20,000,000 intermediate-term bond with 4.5-year final maturity.
“The Series 2022 financing was highly successful and demonstrated our teams’ ability to offer steady guidance in a volatile market environment,” Tad Melton, managing director for Ziegler’s senior living finance practice, said in a statement.
The not-for-profit CCRC is completing an independent living unit expansion project that will include 48 new apartments.
Companies featured in this article:
Atrium Centers, Capital Funding Group, Ensign Group, Lument, Standard Bearer Healthcare REIT, Ziegler
