Heartland Senior Living agrees to buy local facilities

Published 10:04 pm Friday, August 18, 2017

Heartland Senior Living, a local non-profit community corporation, has agreed to purchase three southern Minnesota senior care providers from current owner ElderCare of Minnesota, according to a press release.

Parker Oaks Retirement Community in Winnebago, Parkview Care Center in Wells and Truman Senior Living in Truman are included in the agreement. The final purchase agreement was signed Thursday. Heartland Rural Services LLC will continue to provide management services at all three locations.

Heartland Senior Living has been working on the acquisition since its inception in 2014. The organization received financing approval from the United States Department of Agriculture  last week, allowing the acquisition to move forward. The loan is funded through a combination of a USDA direct loan and a USDA guaranteed loan through Profinium Inc. of Truman.

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The sale is expected to close in the fourth quarter of this year. Heartland Senior Living has immediate plans for renovations at all three locations with new construction to follow.

The three facilities currently employ 179 area workers and are licensed to provide housing and various levels of care services to 164 residents.

According to Patrick Rafferty, Heartland Rural Services president and CEO, there was broad-based support from the community, the local board of directors and government representatives, including Congressman Tim Walz, Sen. Al Franken and Sen. Amy Klobuchar.

“This is an exciting opportunity to return the facilities to community control, and ensure that they will continue to thrive and provide housing options and quality, compassionate care for our local seniors,” Rafferty said. “The patience shown by all during the lengthy process of establishing a new ownership organization and receiving the necessary approvals was greatly appreciated.”

Heartland Senior Living was established to be the umbrella organization for Parker Oaks Retirement Community, Parkview Care Center and Truman Senior Living. A nine-member board representing the three communities governs it. Heartland Rural Services is a management consulting firm specializing in the senior care industry. It has been operating the three facilities under a management agreement with current ownership for the past year.