• Greystone Closes Large CLO

    Greystone closed a large collateralized loan obligation (CLO) composed solely of healthcare assets. Greystone CRE Notes 2025-HC4, LLC is a $451.6 million commercial real estate CLO backed exclusively by bridge loans provided by Greystone. The transaction marks the firm’s eighth overall CRE CLO and the industry’s fourth-ever CRE CLO composed... Read More »
  • Fortress Investment Group Divests Arizona Asset

    JLL Capital Markets has closed the sale of Inspira Arrowhead, a 165-unit seniors housing community in Glendale, Arizona. The community was under the ownership of Fortress Investment Group funds for just 18 months, but in that time occupancy rose from 89% to 94% and NOI improved by 35%. Fortress bought the asset in April 2024 in a joint venture... Read More »
  • Stacked Stone Makes Another Acquisition

    Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, followed up on its October acquisition in Oklahoma with the purchase of two assisted living/memory care communities in Illinois, near the St. Louis MSA. Similar to the Oklahoma deal, Stacked Stone has made Illinois acquisition in a joint venture with the private equity... Read More »
  • Blueprint Handles Large SNF Deal in Pennsylvania

    Not-for-profit to for-profit are not easy, and it took a two-year process for Blueprint to successfully close the sale of a 250-bed skilled nursing facility in Philadelphia, Pennsylvania. The property appears to be Cheltenham Nursing & Rehabilitation, one of three skilled nursing facilities owned by Dublin, Ohio-American Health Foundation... Read More »
  • JDI Realty Buys Alpharetta Asset

    A partnership recently acquired Chapters Living of Alpharetta, a 79-unit assisted living/memory care community in Alpharetta, Georgia (Atlanta, MSA). Built in 2013, the high-quality community was previously known as Addington Place of Alpharetta. JDI Realty, in partnership with Purity Strategies and Chapters Senior Living, bought the community... Read More »
The Ensign Group Reports Another Solid Quarter

The Ensign Group Reports Another Solid Quarter

The Ensign Group did not disappoint yet again with its latest quarterly results. The senior care provider reported an increase in GAAP diluted earnings per share of $3.42 for 2021, an increase of 11.8% over the prior year, while adjusted EPS rose 16.3% year over year to a record-high $3.64. Consolidated GAAP revenues increased by 9.5% to $2.6 billion in 2021, with GAAP net income reaching $194.7 million for the year, an increase of 14.2% compared with 2020. Those are all healthy increases in a year of numerous operational headwinds, with large companies especially susceptible to high employee turnover and stagnant census. That is the beauty of the decentralized operating model that Ensign... Read More »
The Ensign Group Acquires Five-Property Portfolio

The Ensign Group Acquires Five-Property Portfolio

The Ensign Group has acquired a five-property portfolio from Invesque Inc. for $93 million. Spanning California, Kansas and Arizona, the transaction includes four skilled nursing facilities totaling 436 beds and a 144-bed assisted living community. The SNF portfolio was operated by Ensign, and The Pennant Group operated the AL community up until this sale. BMO Capital Markets advised Invesque on the deal. The portfolio sale was part of Invesque’s Jaguarundi Ventures, LP joint venture between Invesque and Magnetar Capital, of which Invesque owns an approximately 65% ownership interest. Jaguarundi Ventures will receive $22 million of net proceeds from the sale after the repayment of... Read More »
The Ensign Group Shines, Again

The Ensign Group Shines, Again

We have still not figured out how The Ensign Group continues to outperform the rest of the skilled nursing industry when so many companies and providers are still hurting, with many of them still not able to make lease payments in full. For the past year, we have wondered if the only way to perform as well as they have is to cook the books, so to speak. That idea was discarded, and while we know they operate their model with each facility run by a mini-CEO with full local decision-making responsibilities and run it successfully, we continue to scratch our heads and wonder why others can’t do what they do. It just must be the culture, but obviously, one that needs to be mimicked by others,... Read More »
The Ensign Group Acquires Operations of Three Facilities

The Ensign Group Acquires Operations of Three Facilities

The Ensign Group will assume the operations of three skilled nursing facilities across Texas and Idaho. The facilities include the 98-bed River Pointe of Trinity Healthcare and Rehabilitation Center in Trinity, Texas, the 150-bed Park Village Healthcare and Rehabilitation in De Soto, Texas, and Skyline Transitional Care Center, an 80-bed facility in Boise, Idaho. The acquisitions are subject to a long-term, triple net lease. Plus, the deal brings Ensign’s growing portfolio to 245 healthcare operations, 22 of which also include senior living operations, across thirteen states. Read More »
The Ensign Group and CareTrust Acquire Two Texas SNFs

The Ensign Group and CareTrust Acquire Two Texas SNFs

The Ensign Group and CareTrust REIT have teamed up to acquire the real estate and operations of two skilled nursing facilities in the Austin, Texas metropolitan area. CareTrust purchased the facilities for $32.5 million, or about $135,000 per bed, while The Ensign Group recently took over operations effective August 1, 2021 as part of the acquisition. This deal brings Ensign’s growing portfolio to 242 healthcare operations, 22 of which also include senior living operations, across thirteen states.  The facilities are Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, Texas; and Cedar Pointe Health and Wellness Center, a 122-bed skilled... Read More »