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AcquisitionsCaliforniaNewsSkilled Nursing

Ensign Group Acquires 297-Bed Skilled Nursing Portfolio in Southern California

by Jeff Shaw

SAN DIEGO, FULLERTON and HAWTHORNE, Calif. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.

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Affordable HousingDevelopmentFloridaNews

Alliant Capital Building $12.5M Deer Creek Senior Affordable Community in Gainesville, Florida

by Jeff Shaw

GAINESVILLE, Fla. — Alliant Capital has started construction of Deer Creek Senior, a 62-unit affordable seniors housing community in Gainesville. Units will be reserved for residents over age 62 earning up to 60 percent of the area median income. Four units are reserved specifically for those who are homeless, survivors of domestic violence or persons with disabilities. The project is receiving $12.5 million in financing via 9 percent Low Income Housing Tax Credits. It is scheduled for completion in December 2021. Alliant Capital is working with Rural Neighborhoods on the …

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DevelopmentFinanceNewsTexas

Ziegler Arranges $22.1M Financing for Forefront Living Plano in Texas

by Jeff Shaw

PLANO, Texas — Ziegler has closed $22.1 million of bond anticipation notes for Forefront Living Plano. The financing comprises $20.6 million in tax-exempt notes sold publicly to institutional investors and $1.5 million in taxable notes placed with affiliates of the borrower. The proceeds of the financing will be used to finance the cost of acquiring an 18-acre tract in Plano and the preconstruction development costs of a new retirement community to be known as “The Outlook at Windhaven.” The new project is slated to include 180 independent living units, 32 …

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CCRCFinanceIllinoisNews

Clare Oaks CCRC in Illinois Emerges from Bankruptcy, Plans $5M Improvement Project

by Jeff Shaw

BARTLETT, Ill. — Clare Oaks, a continuing care retirement community (CCRC) in the Chicago suburb of Bartlett, has emerged from Chapter 11 bankruptcy with $40 million in reduced debt and plans for a $5 million capital improvement project. The property opened in 2008, but declared bankruptcy in June 2019. The process reduced its debt from $86 million to $46 million, and also installed a new operator in ER Senior Management IL LLC and a new board of directors led by Julie Boggess. “The goal of this rigorous process was to …

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NewsPeople

Bob Fish Promoted to CEO of Genesis Healthcare as George Hager Retires

by Jeff Shaw

KENNETT SQUARE, Pa. — Genesis Healthcare (NYSE: GEN), one of the largest post-acute care providers in the United States, has announced the retirement of George Hager as CEO and director. The Genesis board of directors has appointed the company’s current chairman, Robert “Bob” Fish, as Hager’s replacement. He will remain chairman of the board. Fish has a long history with Genesis and its predecessor companies, Genesis HealthCare Corp. and Genesis Health Ventures Inc. He has served on its current board since 2013 when he joined Skilled Healthcare Group, Inc. as …

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AcquisitionsActive AdultNew YorkNews

CBRE Brokers Sale of Cornerstone Hauppage Active Adult Community on Long Island

by Jeff Shaw

HAUPPAUGE, N.Y. — CBRE has arranged the sale of of The Cornerstone Hauppauge, a 98-unit active adult community in the Long Island hamlet of Hauppauge. The property opened in 2019. Terwilliger & Bartone Properties sold the asset to a joint venture between two institutional partners with experience in the active adult sector. The price was not disclosed. The CBRE team of Jeffrey Dunne, Gene Pride, Travis Langer and Zach McHale, along with Aron Will and Austin Sacco of CBRE’s Senior Housing Group, represented the seller. “The sale of The Cornerstone …

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AcquisitionsNewsOhio

Blueprint Arranges Sale of 300-Unit Portfolio in Ohio

by Jeff Shaw

CANTON, TOLEDO and ROCKFORD, Ohio — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a three-property seniors housing portfolio located in Canton, Toledo and Rockford. Combined, the communities total more than 300 units. Spanning 200 miles across the state of Ohio, the three facilities were originally built in the 1960s and 1970s, and underwent considerable renovations and major upgrades since 2015. A REIT and its operator sold the assets to an East Coast-based equity investor and its regionally focused operator partner. The price was not disclosed.

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AcquisitionsNewsOhioSkilled Nursing

ESI Negotiates $3.5M Sale of Eden Springs Skilled Nursing in Northwest Ohio

by Jeff Shaw

GREEN SPRINGS, Ohio — Evans Senior Investments (ESI) has arranged the sale of Eden Springs Nursing & Rehabilitation, a 167-bed skilled nursing and assisted living community, for $3.5 million. Built in 1963 and 1993 in Green Springs, the facility consists of an east campus (31 skilled nursing beds and 20 assisted living units) and a west campus (120 skilled nursing beds). At the time of the sale, the community was 44 percent occupied and was losing just under $500,000 a year in net operating income. This sale, which comes to …

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Assisted LivingConnecticutDevelopmentFinanceNews

Carnegie Capital Structures $24.5M Construction Loan for Assisted Living Community in Connecticut

by Jeff Shaw

CONNECTICUT — Carnegie Capital has arranged $24.5 million in financing for the construction of a 130-bed assisted living and memory care community in Connecticut. The lenders are a national, healthcare-focused bank and a participating regional bank. The borrower is a national healthcare development fund and its national operating partner. Further details on the community were not disclosed. JD Stettin of Carnegie Capital sourced and structured the loan, which features a 4 percent interest rate.

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CCRCFinanceNewsOhio

Ziegler Arranges $69.5M Financing for Wesley Communities in Metro Columbus, Ohio

by Jeff Shaw

COLUMBUS and REYNOLDSBURG, Ohio — Ziegler has arranged $69.5 million in bond financing for The Methodist Retirement Center of Central Ohio, a nonprofit corporation doing business as The Wesley Communities. Incorporated in 1965 as a faith-based provider, The Wesley Communities comprises three senior living properties totaling 668 units: Wesley Glen in Columbus, Wesley Ridge in Reynoldsburg and Wesley Woods at New Albany in Columbus. Additionally, Wesley Hospice provides hospice services throughout the communities. The assisted living, memory care and skilled nursing units in Wesley Glen and the assisted living and …

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