Healthcare Management Partners Announces the Sale of Five Florida Senior Living Communities

Healthcare Management Partners (“HMP”), a healthcare restructuring and consulting firm announces the successful court-approved sale of five senior living communities to long-term ownership.

These communities were placed in receivership in August of 2021. Derek Pierce, Managing Director of HMP, served the role of court-appointed receiver. During the receivership, HMP’s executive team preserved the facilities’ cash flow for operations and repairs and maintenance by enabling the facilities to operate without a third-party management company freeing up millions of dollars for operations during the sales process. During the receivership, HMP’s leadership helped these communities achieve a 35% growth in census, corresponding growth in net revenue and joint commission accreditation at one of the communities to name a few accomplishments.

“We are proud of our accomplishments and remain dedicated to providing exceptional care while building financial sustainability,” said Derek Pierce. “While HMP’s dedicated team is sad to see their involvement in these wonderful communities’ end, a goal of the receivership was to transition the communities to new ownership. We are excited to have accomplished that goal and for the employees and residents as new and more permanent leadership takes the helm.”

HMP’s turnaround efforts resulted in eight bids from interested parties. Ultimately, three buyers were selected, Best Care Senior Living LLC, Partin Place Senior Living, LLC, and PSH Acquisitions, LLC, for the aggregate amount of $22,925,000.

The purchasers of each facility were as follows:

• Purchased by Best Care:
  • Superior Residences of Cala Hills, a 60-unit memory care facility in Ocala
  • Superior Residences of Brandon, a 46-unit memory care facility just east of Tampa
  • Superior Residences of Lecanto, a 60-unit memory care facility along Florida’s northwest central coast
• Purchased by Partin Place:
  • Superior Residences of Niceville, a 90-unit memory care facility in Florida’s ‘panhandle’
• Purchased by PSH:
  • Superior Residences of Clermont, a 114-unit assisted living and memory care community in the Orlando MSA

During the receivership, HMP was represented by Epstein Becker & Green, P.C., Vela Wood Staley Young P.C., and The Health Law Firm.

About Healthcare Management Partners

HMP is a healthcare restructuring and consulting firm focused on improving the operational performance of distressed providers inside or outside of structured reorganizations. With an acute focus on senior living, HMP’s senior executives come from the industry and possess deep clinical, operational, and financial experience.

HMP serves various roles—including as operators, managers, restructuring officers, receivers, asset managers, and consultants—across the United States, addressing diverse challenges in the healthcare sector. Over the past ten years, HMP has served as receiver in more than 25 receivership proceedings over 40 senior living facilities, often managing the operations of the facilities while in receivership. For more information on HMP, visit: https://hcmpllc.com/

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During the receivership, HMP’s leadership helped these communities achieve a 35% growth in census, corresponding growth in net revenue and joint commission accreditation at one of the communities to name a few accomplishments.