The Ensign Group Receives $112M HUD Refinancing for 17-Property Seniors Housing Portfolio
MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing.
The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries.
Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD).
Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit.
In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.