Handing over the reins

The joint venture owner of a 283-unit entrance fee CCRC in Brentwood, Tennessee recently reshuffled its ownership, with a minority stakeholder acquiring the 70% share from partner and co-developer, Westminster Capital. Back in 2007, Westminster, Harpeth Green Properties (the current buyer) and LCS developed the community on nearly 50 acres. It featured 217 independent living units, a 66-bed skilled nursing facility and a stand-alone adult day care building. Plus, an additional phase of development is scheduled to start sometime in the next year, and will include 97 more IL units, a 350-seat auditorium and an 11,000-square foot health center. LCS’s affiliate, Life Care Services, operates the community. Now, the owners of Harpeth Green, John Cooper and John Stone, are purchasing Westminster’s 70% stake in the property through their Middle Tennessee-based investment group, Heritage Investment Partners LLC. To finance the acquisition, Heritage received a loan from a local bank, Pinnacle Financial Partners. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Stuart Kim and Caryn Miller of Cushman & Wakefield handled the transaction.

 

 

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