A Denver-based skilled nursing portfolio totaling 172 beds was sold, with a new capital buyer for the real estate and a new lease agreement with The Ensign Group (Nasdaq: ENSG). Also, a county-owned 80-bed nursing home in New York completed the sale.

Colorado based 172-bed SNF portfolio sold

Evans Senior Investments (ESI) announced the successful sale of a skilled nursing portfolio in the Denver metropolitan area. The transaction included Edgewater Health and Rehabilitation in Lakewood and The Rehabilitation Center at Sandalwood in Wheatridge, comprising a total of 172 skilled nursing beds.

The transaction utilized a strategic structure where ESI secured a capital buyer for the real estate and facilitated a new lease agreement with The Ensign Group (Nasdaq: ENSG), the ESI press release stated.

While both communities were performing well at the time of sale, ESI highlighted the opportunity for a new operator to drive further value by growing the post-acute census and reducing operating expenses through economies of scale.

ESI maximized the outcome of this transaction by orchestrating a partnership between an institutional capital partner and a best-in-class operator. By identifying the operational upside and aligning the real estate acquisition with a lease to Ensign, ESI created a secure investment structure that yielded a strong result for the seller while ensuring that the communities benefitted from a sophisticated regional operator.

County-owned nursing home sold in NY

A county-owned nursing home in New York officially completed the sale, three years after a buyer was announced. The decision to sell the skilled nursing facility in Plattsburgh, made in the summer of 2022, was driven by Clinton county’s inability to adequately staff the 80-bed facility, a story in a local media outlet noted. CLRNC Operating, the buyer, also owns the Plattsburgh Rehabilitation and Nursing Center.

The New York State Public Health and Health Planning Council approved the sale in June, with the county selling the facility for $5.5 million. The nursing home will now be known as Clinton Rehabilitation and Nursing Center.

According to the county, the sale marks the culmination of extensive planning and due diligence designed to protect residents, staff, and provide long-term fiscal relief to taxpayers. County officials emphasized that the transition prioritized continuity of care for residents and stability for employees, with a focus on maintaining high-quality services.

Clinton County Legislature Chairman Mark Henry stated that the sale fulfilled the dual goals of ensuring residents receive proper care while also making a responsible financial decision for taxpayers. As part of the transition, employees who chose to stay were offered competitive pay, benefits, and training opportunities under the new operator.

County Administrator Christine Peters said that the sale alleviated financial pressure on the county’s budget while preserving services. The county’s primary goal was to keep residents within their home community, ensuring long-term stability for the facility and its operations.

County leaders are optimistic that the nursing home will continue serving the community well into the future.

Kansas CCRC with 134 SNF beds get over $53M in financing for expansion

Ziegler announced the successful closing of Meadowlark Hills’ $53,800,000 Series 2025 Bonds through the City of Manhattan, Kansas.

Founded in 1975, Meadowlark is a single-site life plan community, or continuing care retirement community (CCRC), featuring a total of 359 units as follows: 137 ILU Apartments, 50 ILU Duplexes and Cottages, 38 ALU Apartments, and a 134-bed SNF with 60 private beds and 74 semi-private beds. 

Meadowlark Hills resides on a 55-acre campus, which is located 8 miles east of Fort Riley, the largest military base in Kansas and home to the U.S. Army’s 1st Infantry Division. 

The CCRC pioneered the “Health Care Household” model of care for its SNF residents in the early 2000s and has won many awards and hosted representatives from six other countries to study its model, Ziegler noted in its press release.

The campus, which expanded first in 2022, currently maintains a waitlist of over 400 prospective residents. The latest financing will fund Meadowlark’s next expansion for a 43-unit independent living apartment building with 64 underground parking spaces, a clubhouse on the top floor, fitness center, classroom space for Meadowlark’s Cancer, Parkinson’s, and Memory program, and an enlargement and beautification of the community’s pond. Meadowlark has presold 42 of the 43 new apartments.