Mainstreet Does Canada….Again

Perhaps one of the most dynamic firms in the senior care market, Mainstreet is at it again with a new publicly traded platform in Canada. Its last Canadian entity was sold to Health Care REIT (now Welltower) last year for a tidy profit. Using its recently announced acquisition of a portfolio of skilled nursing facilities in the Chicago market, Mainstreet has agreed to do a reverse merger with a shell company that is publicly listed in Canada that, when completed, will take the new name of Mainstreet Health Investments (MHI). And guess who will be the CEO of the new entity? None other than Zeke Turner, Mainstreet’s founder and CEO. MHI plans to buy skilled nursing, assisted living and memory care properties in the U.S. and Canada, but as far as we can tell, will not operate them. It is quite possible that in time they will apply for REIT status, but we are not sure how that would impact Mainstreet’s ongoing relationship with Welltower. And it won’t be shy about the prices it pays, as the Chicago deal came in at about $120,000 per bed, or 50% above the national average.

 

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