The Ensign Group acquired the real estate and operations of a 117-bed skilled nursing facility in Washington from Providence Home and Community Care. Meanwhile, CIBC Bank closed a $32 million cash-out commercial mortgage refinance related to two skilled nursing facilities located in Kentucky and Tennessee.

Ensign acquires Washington SNF

The Ensign Group (Nasdaq: ENSG) acquired the real estate and operations of Marianwood Health and Rehabilitation, a 117-bed skilled nursing facility in Issaquah, Washington, as part of a larger acquisition involving seven other facilities from Providence Home and Community Care. The deal, announced in December 2024, was confirmed by the company on Friday.

The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Ensign’s captive real estate company, and will be operated by an Ensign-affiliated tenant. The acquisition was effective as of May 1.

“This facility clusters well with our existing locations and continues to build a strong portfolio for Standard Bearer in the northwest,” Barry Port, Ensign’s CEO, said in a press release Friday. 

Steve Farnsworth, president of Pennant Healthcare LLC, Ensign’s Washington-based subsidiary, said, “This operation is a perfect fit for us, and we are excited to continue our strong growth in Washington. The team is incredible, and we are excited to join forces with them to provide excellence to our residents and their families.”

This acquisition brings Ensign’s growing portfolio to 344 healthcare operations, which includes 44 senior living operations, across 17 states.  Ensign subsidiaries, including Standard Bearer, own 144 real estate assets.  

Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare related businesses throughout the United States.

Ensign’s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services across Alabama, Alaska, Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, Oregon, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin.

2 SNFs Get $32M Refinancing

CIBC Bank closed a $32 million cash-out commercial mortgage refinance related to two skilled nursing facilities located in Kentucky and Tennessee.

Both facilities are leased to and operated by a high-quality national skilled nursing operator, a CIBC spokesperson said in an email to Skilled Nursing News.

The two skilled nursing facilities comprise a total of 243 licensed beds, with both buildings having an effective age of 20 years. The portfolio delivered strong operating results, with 82% occupancy and EBITDAR margins of 21%.

Financing was handled by Matthew Tyler and Neal Netzel of CIBC.