Chicago, IL (PRWEB) February 03, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the sale of Minnesota Masonic Homes North Ridge on behalf of Minnesota Masonic Charities (MMC). MMC, through its subsidiary Minnesota Masonic Homes, has been a not-for-profit provider of assisted living, retirement services and quality senior care in Minnesota for over a century.
In the late 1990’s, MMC acquired North Ridge, a 548-unit rental continuing care retirement community (CCRC) located in New Hope, MN (suburban Minneapolis). North Ridge offers over 351 skilled nursing beds, as well as 124 independent living apartments and 73 assisted living units. MMC made the difficult decision to sell the community, which had declining performance. MMC will retain their flagship campus, also in suburban Minneapolis.
Ziegler served as the exclusive advisor to MMC in the sale. Ziegler completed a detailed analysis of North Ridge, market area, reimbursement environment, and financials before marketing the asset to a group of both not-for-profit and for-profit buyers, including to companies who would be new to Minnesota. Ziegler was able to identify a number of companies interested in North Ridge, and secured multiple proposals to acquire the community. Ultimately, MMC chose Mission Health of Florida as their buyer, and the community was sold to Aviv REIT, who leased the community to Mission Health. The $40 Million purchase price (roughly $73,000 per bed or unit) exceeded expectations, generated material proceeds for MMC, and was well in excess of market multiples. “The results achieved by Ziegler exceeded our expectations," commented Eric Neetenbeek, President/CEO of Minnesota Masonic Charities.
Ziegler’s Corporate Finance team is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals and senior living, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization, restructuring, private equity placement and strategic partnering services.
For more information about Ziegler, please visit us at http://www.Ziegler.com.
Since 1902, Ziegler has grown to become a full-service, specialty investment bank and broker-dealer. Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading, wealth management, and research. Specializing in the healthcare, senior living, education, and religion sectors, Ziegler is committed to advancing the health, wealth and well-being of our clients.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success.
# # #