Ensign Acquires Colorado SNF Portfolio

Ensign Acquires Colorado SNF Portfolio

The Ensign Group made its second acquisition of the year, adding the operations of three skilled nursing facilities in Colorado to its growing portfolio. The deal included a 140-bed facility in Boulder, a 76-bed in Berthoud and a 106-bed facility in Denver. Ensign entered into a long-term, triple net lease through its Colorado-based subsidiary, Endura Healthcare, effective April 1. That brings Ensign’s portfolio to 235 healthcare operations, 22 of which also include assisted living operations, across 13 states. Ensign also owns the real estate at 94 locations.  Earlier this year, the provider acquired the operations of a skilled nursing facility in San Antonio, Texas.... Read More »
Regional Owner/Operator Settles On Ohio SNF

Regional Owner/Operator Settles On Ohio SNF

Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors handled the sale of a 99-bed skilled nursing facility in northeastern Ohio. The property, which is located near Youngstown, faced occupancy issues, prompting the regional owner/operator to strategically divest.   Blueprint put the property under contract earlier in 2020, but uncertainty stemming from the pandemic caused the initial buyer to pause the process. They forfeited their exclusivity to do so, and Blueprint took the property back out to market, generating three new competitive offers. Ultimately, however, the initial buyer was the best fit. Nothing wrong with a bit of caution, we suppose.... Read More »
Senior Living Investment Brokerage Closes Two Value Add Deals

Senior Living Investment Brokerage Closes Two Value Add Deals

The Senior Living Investment Brokerage trio of Jason Punzel, Brad Goodsell and Vince Viverito sold three seniors housing communities across the country. Both deals involved properties with a good amount of upside, which is certainly not uncommon these days. The first deal involved a 73-unit assisted living/memory care community in central California. Their REIT owner decided to realign its portfolio, hence the sale. A regional owner/operator plans to remodel both communities.  The SLIB team then sold a 67-unit independent living/assisted living community in Wayzata, Minnesota (Minneapolis MSA), that had been vacant since the early days of the pandemic. A number of COVID-19 illnesses caused... Read More »
Henry Ford Village Gets Stalking Horse Bidder

Henry Ford Village Gets Stalking Horse Bidder

A couple of months ago, we wrote about a bankruptcy auction for a large CCRC in Michigan, and we’ve just learned the property has entered into a stalking horse asset purchase agreement with MED Healthcare Partners, in accordance with bid procedures approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division.  MED agreed to acquire substantially all of the community’s assets for $69 million, or $66,500 per unit/bed, unless a higher or better offer in accordance with the bid procedures and deadlines (and approved by the court) is accepted. The deadline for competing offers to be submitted is set for April 30. A hearing to approve the sale... Read More »
Ziegler Secures Refinance & Partnership Buyout in Wisconsin

Ziegler Secures Refinance & Partnership Buyout in Wisconsin

Ziegler’s Senior Housing & Care Finance Practice has successfully closed the refinance and partnership buyout of a family-owned post-acute care provider in southeastern Wisconsin. Eskay Real Estate 2020, Inc. (Eskay) owns and operates two campuses in the towns of Union Grove and Lomira, providing both skilled nursing and assisted living services at each location. The properties held two SBA loans, which Eskay wished to refinance, and one of the partners also chose to divest his majority interest in the company.  In comes Ziegler, which refinanced the loans with $9.557 million of HUD debt. Proceeds from the permanent debt allowed Eskay’s CEO,... Read More »