BusinessBriefs for October 2014
» Brookdale Senior Living and real estate investment trust HCP have finalized a $1.2 billion joint venture, the firms announced. The new partnership will include 14 continuing care retirement communities in its portfolio. Under the deal, Brookdale and HCP have also amended leases on 202 HCP-owned senior housing communities previously owned by Emeritus Corporation.
» A newly formed real estate investment trust out of Nashville has already raised nearly $164 million and made five acquisitions, according to the self-managed and self-administered firm. Acquisitions by MedEquities Realty Trust Inc. include long-term acute care hospitals in California and Nevada, and a skilled nursing facility in South Carolina.
» Sears Methodist Retirement System has agreed to turn The Canyons Senior Living Center over to a creditor who is owed about $3.5 million in the firm's ongoing bankruptcy case. SMRS also owns The Craig, which has 60 skilled beds, a 60-bed specialized Alzheimer's Care Center, 40 assisted living apartments, 108 independent living apartments and 65 independent cottage homes.