Fri 09|03|10

Golden Living completes sale of all Arkansas nursing homes

Submitted by The City Wire staff on Wed, 07/01/2009 - 3:56pm.

Fort Smith-based Golden Living is officially out of the nursing home business in Arkansas.

The company announced Wednesday (July 1) the completion of a previously announced deal to sell 13 of its “LivingCenters” and one independent living facility in Arkansas to Capital SeniorCare Ventures. SeniorCare is owned by Baltimore, Md.-based Capital Funding Group.

“The sale represents Golden Living's entire portfolio of skilled nursing facilities in the state,” noted a statement from Golden Living. The statement noted that the transaction did not include the company’s headquarters facility in Fort Smith.

Financial details of the deal were not disclosed.

According to the Capital SeniorCare Web site, the company “acquires and constructs skilled nursing facilities in order to lease and ultimately sell them to high-quality operators. Capital SeniorCare Ventures provides its operators with the opportunity to own the facilities they operate much faster than most traditional REIT or similar financing by allowing the operators to purchase the facilities on a ‘flip’ within a two to five year timeframe. This structure has been a popular option to many operators who are looking for ownership without a large initial capital investment.”

Also, SeniorCare is managed by Dwight Kouri, a former senior vice president of corporate development for Beverly Enterprises, a publicly held company based in Fort Smith that was purchased by San Francisco-based Pearl Senior Care (Golden Living). Kouri was with Beverly during the transition into the new ownership of Golden Living.

“The acquisition further strengthens our relationship with regional operators that are looking to grow. Our new Arkansas tenant/operators are experienced providers of high-quality nursing care and bring a wealth of expertise and experience to these facilities. We are very excited about this opportunity,” Kouri said in the statement issued by Golden Living.

Larry Deans, president of Golden LivingCenters, said SeniorCare will continue to use Aegis Therapies for rehabilitation therapy services. Aegis is a division of Golden Living.

Golden Living through various divisions provides direct or indirect services for the elderly and disabled. The services include nursing home care, rehabilitation therapy, hospice care, home health services and temporary staffing services. The company employs more than 40,000 and has in its care about 30,000 patients every daily.

Following the transaction with SeniorCare, the company boasts more than 300 Golden LivingCenters (nursing home) in 21 states, and partners with more than 1,000 nursing homes, hospitals and other healthcare organizations in 37 states.

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Sun Healthcare Group Inc.

Submitted by Anonymous (not verified) on Thu, 07/02/2009 - 3:17am.

Beware nursing homes owned by Sun Healthcare Group Inc. They harmed my mother numerous times by falls when left alone, broken equipment which ultimately killed her. This according to Dr L Scott Stoney of Newport Beach, California their medical director of Sunbridge Newport.

Then they cheated me out of compensation by giving messages to my attorney Daniel Leipold in mediation to threaten me with bodily harm if I pursued the case to jury trial. CEO was Rick Matros. We could prove willful misconduct making us eligible for treble damages, triple the damages for wrongful death, elder abuse, intentional infliction of emotional distress, pain & suffering = $1 Million x 3 = $3 Million.

This isn't rocket science. As Buzz would say.

Deborah Calvert, daughter of the late Evelyn Calvert
and former assistant to Buzz Aldrin

Local facility operated by your neighbors

Submitted by RobertM on Thu, 07/02/2009 - 4:44pm.

Dear Deborah Calvert, daughter of the late Evelyn Calvert
and former assistant to Buzz Aldrin:

I’m sorry about the loss of your mother and getting cheated out of your $3 million. However, this paper transaction won’t affect the quality of care at the local Golden Living Center in Van Buren. It will still be operated and staffed by local citizens, and the remarkable level of care that sets this facility apart from many others will remain the same.