TOWSON, Md., Dec. 2, 2010 /PRNewswire/ -- Genesis HealthCare, a leading provider of skilled nursing facilities in Maryland, has added a group of nursing homes previously owned by Adventist HealthCare to its network in order to expand quality care to a growing senior population.
The change in ownership and operations is part of a transaction that took place December 1, 2010 involving JER Partners and Formation Capital, LLC, who together sponsored the acquisition of the six skilled nursing facilities, five of which were owned by Adventist HealthCare in Rockville, Md., and one that was a joint venture between Adventist and Frederick Memorial Healthcare System.
The facilities are located in Maryland and include (1) Bradford Oaks Nursing & Rehabilitation Center in Clinton, (2) Fairland Nursing & Rehabilitation Center in Silver Spring, (3) Shady Grove Nursing & Rehabilitation Center, including Kingshire Manor Assisted Living, in Rockville, (4) Sligo Creek Nursing & Rehabilitation Center in Takoma Park; (5) Springbrook Nursing & Rehabilitation Center, including Adventist Dialysis Services, in Silver Spring; and (6) Glade Valley Nursing & Rehabilitation Center, in Walkersville, Maryland. Ziegler Capital Markets Group served as financial advisor to Adventist and Frederick Memorial for the transaction.
Genesis HealthCare will lease the facilities and assumed management and operational responsibilities for these facilities on the closing date. Adventist HealthCare will continue to provide chaplain services to the five facilities in Montgomery and Prince George's Counties.
"Adventist HealthCare's facilities complement our existing portfolio of nursing facilities in Maryland and significantly expand the services provided to patients and families in Montgomery, Prince George's and Frederick Counties," says Arnold Whitman, Chief Executive Officer and Co-Chairman of Formation Capital, LLC. "We are pleased to partner with a quality provider like Adventist and look forward to working together in the future."
"We are excited to add the Adventist HealthCare facilities to our portfolio while expanding our longstanding relationship with Genesis HealthCare, a proven operator that we believe provides best-in-class quality of care and outcomes to the patients of our facilities," states Frank Small, Managing Director of JER Partners and head of the firm's healthcare real estate investment team.
Adventist HealthCare, which has served the Washington, D.C. region for more than 100 years, will continue to care for the community's senior population through its various healthcare programs, partnerships and entities, including: Shady Grove Adventist Hospital; Washington Adventist Hospital; the Shady Grove Adventist Germantown Emergency Center; Adventist Rehabilitation Hospital of Maryland; Adventist Behavioral Health; and Adventist Home Care.
"We look forward to collaborating with Genesis HealthCare on caring for the physical, mental and spiritual needs of our residents who require skilled nursing care," said William G. "Bill" Robertson, President and CEO of Adventist HealthCare. "Genesis will be a strong, innovative partner in the continuum of care for the senior community."
Genesis HealthCare operates skilled nursing centers and assisted living residences in 13 eastern states and is a leading provider of skilled nursing care in the state of Maryland. Genesis ranks among top providers for overall customer satisfaction and quality medical care according to national independent research. A number of Genesis centers in Maryland have earned the Quality Award from the American Health Care Association (AHCA), and in recent years, the MyInnerView "Excellence in Action" Award, a national award recognizing a commitment to quality.
"Adventist HealthCare and Genesis share a similar mission and commitment to providing high quality health care to its patients," states David Almquist, Genesis' President of the Southern Area. "Adventist's facilities will transition smoothly into our network and will provide considerable depth to the services we now offer in Maryland. We look forward to working with the employees of these facilities and sharing our common commitment and dedication to the patients and families we serve."
About Genesis HealthCare
Genesis HealthCare operates more than 200 skilled nursing centers and assisted living residences in 13 states, including 33 in Maryland and Virginia. They also supply contract rehabilitation therapy to more than 1,100 healthcare providers in 28 states and the District of Columbia. For more information, go to www.genesishcc.com.
About Adventist HealthCare
Adventist Healthcare, is an integrated health-care delivery organization based in Rockville, Maryland, serving the Washington, D.C. region and northwestern New Jersey. Adventist HealthCare includes Shady Grove Adventist Hospital, Washington Adventist Hospital, Adventist Behavioral Health, Adventist Rehabilitation Hospital of Maryland, Hackettstown Regional Medical Center, Adventist Home Care Services and the Reginald S. Lourie Center for Infants and Young Children. For more information, go to www.adventisthealthcare.com.
About JER Partners and Formation Capital
JER Partners (JER) is a fully integrated private real estate investment management company with more than 29 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the U.S. and Europe. Together with its financial and operating partners, JER has purchased and managed approximately 15,000 assets totaling $28 billion, including more than $3.9 billion of gross investments in healthcare real estate. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
Formation Capital, LLC invests in senior housing and care and currently is invested in over $3 billion of assets. For more information, go to www.formationcapital.com.
Jeanne Moore, Genesis HealthCare, 484-949-5647
Tom Grant, Adventist HealthCare, 301-315-3356
SOURCE Genesis HealthCare Corporation