BusinessBriefs for February 2015
» Senior Housing Properties Trust will buy 38 senior-living communities for $790 million from CNL Lifestyle Properties Inc., including assumption of debt. The deal is expected to close in the second quarter. The communities encompass 3,466 total living units. This includes 826 independent living units, 1,860 assisted living units, 744 memory care units and 36 skilled nursing beds.
» Preston Hollow Capital has completed its $24.9 million bond financing for the construction of a 120-unit assisted living and memory care community in Palm Bay, FL. The Riverview Senior Resort project will be constructed on an approximately 3.24 acre parcel overlooking the Indian River.
» HCR ManorCare's $40 million lawsuit settlement has come under question, following an ABC News investigation into possible ties between the plaintiffs' attorney and one of the justices who ruled in the case. Lawyer Michael Fuller represented the family of Dorothy Douglas, whose death in a ManorCare facility in 2009 led to a $90 million verdict against the provider. The case then went before the state supreme court, at which point Fuller began raising substantial funds for the re-election campaign of Chief Justice Robin Jean Davis, ABC reported.