Transactions & Financings: Ensign Buys Two Communities in Texas

The Ensign Group Acquires Two Texas Assisted Living Facilities

The Ensign Group, Inc., parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has announced that its assisted and independent living portfolio company acquired the real estate and operations of two 37-unit AL facilities in Texas. The acquisition by AL and IL portfolio company Bridgestone Living LLC — effective February 1, 2018 — includes:

* Cedar Hills Senior Living in Cedar Hill, Texas

* Deer Creek Senior Living in DeSoto, Texas

“These two operations complement our growing number of assisted living and skilled nursing operations in the Dallas area,” Christopher Christensen, president and CEO of Ensign, said in a statement. “The strength of our team of local operational and clinical leaders in the Dallas market provides an excellent foundation from which we can continue to build.”

Per John Gurrieri, president of Bridgestone, the two facilities had a combined occupancy rate of 78% at the time of the acquisition.

The acquisitions bring Ensign’s portfolio to 181 skilled nursing facilities (21 of which include AL operations), along with 51 AL and IL operations, 20 hospice agencies, 18 home health agencies and four home care businesses across 15 states.

Acts Retirement-Life Communities and New Jersey-based The Evergreens Announce Affiliation

Acts Retirement-Life Communities, Inc., a nonprofit provider of senior living and services, and continuing care retirement community (CCRC) The Evergreens have announced a new affiliation. Under the agreement, announced in a press release, Acts will assume management and oversight of Moorestown, New Jersey-based The Evergreens, which will become an Acts affiliate member and part of the Acts CCRC network, which serves approximately 9,700 seniors.

Terms of the deal were not disclosed.

The 32-acre campus of The Evergreens is currently home to approximately 225 residents who receive three levels of services and care, with 200 IL apartment homes, an on-site health care center for 66 assisted living residents and a 34-bed skilled nursing center. The Evergreens currently employs approximately 215 people.

“We are delighted to be affiliating with The Evergreens to further strengthen this well-established community who shares our desire to enrich the lives of seniors,” Gerald T. Grant, Acts president and CEO, said in a statement. “Integrating The Evergreens into our organization aligns with our strategic growth plans to expand our mission and we are extremely excited to work together to make our successful organizations become even stronger.”

Integral Senior Living To Manage Travanse Living Communities

Integral Senior Living (ISL), a Carlsbad, California-based provider of management services for senior living communities, has been selected to oversee operations for Travanse Living’s three communities: two memory care and assisted living communities in two Illinois locations, and one memory care community in Olathe, Kansas.

“The alignment of values and beliefs between ISL and Travanse Living will make this transition and relationship successful and beneficial for both parties,” Collette Valentine-Gray, ISL’s CEO and COO, said in a statement. “Travanse Living is looking forward to providing the level of quality care and lifestyle services that we believe our residents deserve.”

The managerial change was effective Jan. 2. Ownership remains the same with CA Ventures located in Chicago. With the addition of the Travanse Living communities, ISL has expanded its operations to 18 states.

Walker & Dunlop Provides $82 Million Green Loan for Seniors Housing Community in San Diego

Walker & Dunlop, Inc., headquartered in Bethesda, Maryland, has announced that it structured an $82 million loan for San Diego-area Paradise Village, which offers 394 combined IL, AL and memory care units. The transaction represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property, a press release said.

Managing Director Jeff Ringwald and Senior Vice President Bill Jackson led the transaction for Walker & Dunlop. The 10-year loan provides a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaces a previous construction loan and provides cash-out to enable the financing of an adjacent, newly developed memory care facility.

“It was a pleasure working with Chip Gabriel and the Generations team on the first Green Rewards financing for a seniors housing property,” Ringwald said in a statement.

BMO Harris Healthcare Real Estate Finance Acts as Sole Lender of $35.3 Million Facility

BMO Harris Bank’s Healthcare Real Estate Finance group has announced the closing of a $35.3 million construction financing deal for Ryan Companies US, Inc. and Grand Living, to be used for the construction of a 171-unit IL, AL and memory care community in Jacksonville, Florida.

The 80-year-old Ryan Companies engages in construction, design, development, management and ownership of properties, developing many property types including healthcare, hospitality, industrial, office, retail, senior living, mixed-use, and multi-family. No timetable for construction has been made public.

Written by Jack Silverstein