Genacross Lutheran Services has sold its Toledo Campus to owner/operator Majestic Care, an affiliate of MDG Real Estate Global Ltd. The historic Toledo Campus, which opened in 1953 and has been expanded and renovated many times, needs significant capital improvements that Genacross has been unable to fund. So, the sale provides future financial flexibility and an improved financial position for Genacross while the campus can continue providing a continuum of senior care services. Cain Brothers brokered the deal.
Headquartered in Toledo, Ohio, Genacross changed its name from Lutheran Homes Society in 2016. They are a not-for-profit corporation that has operated in northwest Ohio and southeast Michigan for over 160 years, with services in elder care and treatment for high-risk youths. Genacross currently operates three senior living campuses totaling over 465 units and 12 HUD/affordable housing properties totaling over 650 units.
Formed in 2018 and based in Westfield, Indiana, Majestic Care is a for-profit operator of skilled nursing facilities in Indiana, Kentucky, Ohio, and Michigan. The company currently operates over 30 facilities comprising more than 4,000 beds. It is an affiliate of MDG Real Estate Global, a publicly-listed real estate investment firm based in New York City with a portfolio of assets valued at over $1.0 billion. MDG holds a diversified portfolio of assets including office, hotel, multifamily housing, hospitality and senior living facilities.
