Ensign Closes SNF Deals in 3 States; White Oak Executes $275M in Financings For 6 Transactions

The Ensign Group announced a series of SNF acquisitions and long-term leases earlier this month, including one facility in Arizona, two in South Carolina and six in Texas.

Ensign acquired the operations of Oak Harbor Healthcare, a 132-bed skilled nursing facility located in Mount Pleasant, S.C. and Oak View Health and Rehabilitation, a 190-bed SNF located in Conway, S.C.

Ensign CEO Barry Port said the company was “thrilled to be growing in the state.

“These facilities represented a great geographical and strategic fit in South Carolina. We can’t wait to add our experience to the outstanding team of caregivers at these facilities to enhance the care provided to the residents,” Adam Willits, president of Ensign subsidiary Hopewell Healthcare LLC, said in a statement.

Ensign’s captive REIT Standard Bearer also acquired the real estate and operations of Fountain Hills Post Acute, a 64-bed SNF located in Fountain Hills, Ariz.

Additionally, the nursing home operator’s affiliates entered into new long-term leases on six new operations in Texas, including facilities in San Antonio and Austin.

The deals bring Ensign’s growing portfolio to 268 health care operations across 13 states.

White Oak Executes $275M in Financings in 6 Transactions

White Oak Healthcare Partners, a subsidiary of White Oak Healthcare Finance, rounded out September with more than $275 million in financing over six transactions.

White Oak executed a $110,600,000 million recapitalization for the landlord of a 700+ bed skilled nursing portfolio in Georgia. Proceeds were used to refinance existing bank debt, fund closing costs and provide a dividend to the ownership group, according to the company. Derek Whelan and Joe Munhall originated the transaction.

The company also executed $75.65 million in financing for the acquisition of five SNFs in California by a private investment firm. The three-year variable rate loan came with two one-year extension options and was sized to meet HUD guidelines. Ross Holland and Munhall originated the transaction.

Additionally White Oak secured $45.68 million in financing for the acquisition and recapitalization of four nursing homes in California and Texas for an owner-operator who had “significant experience” in both areas. Proceeds were used to purchase several facilities along with refinancing existing bank debt and to fund closing costs, according to the company. Holland originated the transaction.

Finally, White Oak secured a $13 million recapitalization for the landlord of a 120-bed Las Vegas SNF. Proceeds were used to refinance existing bank debt, fund closing costs and provide cash out to the ownership group. Grant Goodman and Munhall originated the transaction for WOHP.

Blueprint facilities sale of Boston senior care facility

Blueprint facilitated the sale of Advocate Healthcare of East Boston.

The 165 licensed bed five-story skilled nursing facility was originally built in 1952 and expanded in 1965. The exiting owner-operator underwent a “substantial renovation” of the facility’s adult day care services wing in addition to general facility improvements, according to Blueprint.

The building also has received a determination of need (DON) approval for another renovation project to reconfigure and reposition the property, including all private and semi-private resident rooms.

Revenue and occupancy reached $15 million and 90%, respectively, at the time of sale.

The new owner-operator is a New York-based real estate investment firm with health care investments across New England.

VIUM Capital Closes Multiple Acquisition Loans

VIUM Capital closed four loans for 12 properties totaling $124 million in September.

This brings the total volume for the third financial quarter to 17 transactions for 47 separate properties totaling over $422 million.

One of the deals involved a seven-facility Southwest Colorado portfolio totaling 558 beds. VIUM provided a $47,731,000 bridge loan for an acquisition, according to the company.

VIUM also closed a $61,757,000 bridge loan for an acquisition involving a three-SNF Northeast Florida portfolio.

Additionally, the company provided a $5.44 million bridge loan for Elevation Group, LLC for the purpose of the acquisition of a Florida nursing home.

Plains Commercial sells Oklahoma nursing home

Plains Commercial announced the sale of a “vintage” Oklahoma skilled nursing facility.

Hobart Living Center was run by an Oklahoma operator who looked to downsize their portfolio. The buyer is a regional operator who has a presence in the area and is looking to grow, according to Plains.

Daniel Morris with Plains Commercial handled the transaction.