Senior Care, Inc. To Lease Former Hearthstone Properties
July 29, 2011
July 29, 2011. Ventas announced today that subsequent to its acquisition of Nationwide Health Properties on July 1, it has agreed to lease the 32 assisted living...
and memory care facilities, properties that NHP had leased to Hearthstone Senior Services, to Kentucky-based Senior Care, Inc. Senior Care will acquire the operations of all 32 facilities directly from Hearthstone and will enter into a lease with an initial term of 15 years with Ventas. At the end of 2007, Hearthstone had entered into an agreement to sell the operations to Capital Senior Living for $35 million in a deal that was never completed. This transaction is expected to close in the third quarter.