Ensign Acquires South Carolina SNF; Blueprint Facilitates Sale of 2 Atlanta Nursing Homes

The Ensign Group (Nasdaq: ENSG) continues to expand its South Carolina footprint with the acquisition of Lila Doyle Post Acute, a 120-bed skilled nursing facility.

The Seneca, S.C., nursing home is located on Memorial Hospital’s campus and was acquired on Nov. 1 by a subsidiary of Standard Bearer Healthcare REIT, Ensign’s captive real estate company, pursuant to a 30-year ground lease with extension options.

“This acquisition created a perfect opportunity for our continued growth in South Carolina,” Ensign CEO Barry Port said in a news release. “We are thrilled to strengthen our relationship with Prisma Health, where we can add our expertise and partner to provide the best possible care to residents and their families at this facility.”

The transaction brings Ensign’s growing portfolio to 269 health care operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, now own 108 real estate assets.

“We are honored to have been entrusted by our partners at Prisma Health to provide world-class post acute care for this community and look forward to coordinating with them and the local healthcare community to enrich the lives of our caregivers and the residents we serve,” Adam Willits, president of Hopewell Healthcare LLC, Ensign’s South Carolina-based subsidiary, said in a news release.

Berkadia Seniors Housing & Healthcare inks 7 deals for $177M

Berkadia Seniors Housing & Healthcare announced $177 million in financing across seven deals, three of which involved skilled nursing facilities, completed from July 15 through the end of October.

In August, Berkadia provided a $10.5 million loan to refinance a skilled nursing and assisted living community in Western North Carolina through HUD’s 232/223a7 program. The refinance generated savings in excess of $270,000 per year.

In September, Berkadia provided a $10.95 million loan to refinance maturing bank debt and related party debt on a 200-bed upstate New York nursing home. While the SNF’s occupancy recovered to the low to mid 90s in mid-2021, staffing has remained a struggle.

The 24-month interest-only term allows the owner/operator to stabilize performance before refinancing with HUD.

In October, Berkadia secured a $12.98 million 232/223f HUD loan for a Utah-based nursing home owner and operator. The 38-bed, 100% Medicare facility serves residents in need of short-term rehabilitation.

“These closings demonstrate the incredible breadth and expertise in the Berkadia’s Seniors Housing and Healthcare team,” Steve Ervin, senior vice president and head of FHA and seniors housing finance said in a news release. “We are able to deliver customized solutions for owners of real estate by providing a wide variety of financing options across the spectrum of the seniors housing and healthcare industry.”

Managing Directors Bianca Andujo, Ed Williams, Jay Healy, Rafael Nobo and Chris Cain completed the financing.

Blueprint facilitates sale of 2 Atlanta skilled nursing facilities

Blueprint announced the sale of two Atlanta area skilled nursing facilities totaling 333 licensed beds.

Selling on behalf of a public real estate investment trust (REIT) and its operating partner, this transaction is part of a larger portfolio with staggered closings.

The two nursing homes, which are located in Buckhead and Marietta, are near two regional hospitals and other referral sources. Both facilities saw consistently improving census and revenue coming out of Covid.

Blueprint ultimately selected an East Coast-based acquirer and operator partnership actively seeking to expand its presence in Atlanta.

Lument Securities advises Philadelphia area nonprofit nursing home sale

Lument Securities advised the sale of a nonprofit nursing home in Philadelphia to a regional private operator.

Saunders House is a 180-bed SNF in Wynnewood, Pa., that provides short-term rehabilitation, traditional nursing care, memory care, restorative care and respite care.

Advising the nursing home’s board of directors, Lument secured letters of intent from 10 different parties. The transaction officially closed Oct. 3 and terms were not disclosed.

Saunders House opened as the Old Man’s Home of Philadelphia back in 1864. The current facility opened in 1973 and underwent a $3.5 million renovation in 2016.

Not unlike many providers, the standalone operator faced significant staffing and operational challenges during Covid.

The board has decided to use the proceeds from the sale to fund a foundation that supports seniors housing and health care providers whose residents may lack financial support.

“With the significant transaction proceeds generated from the sale, we are in a better position to further our mission of serving seniors in the greater Philadelphia area for decades to come,” Former CEO Kevin Ross said.