Genesis Healthcare to lease and operate Md. nursing facilities

Investment firms bought the facilities from Adventist Healthcare this week

December 02, 2010|By Andrea K. Walker, The Baltimore Sun

Towson-based Genesis Healthcare Inc. said Thursday that it has been hired to manage and operate a group of skilled nursing facilities that were previously owned by Adventist Healthcare.

Rockville-based Adventist sold the six Maryland properties this week to JER Partners, a private real estate investment firm, and Formation Capital, an investment company that specializes in the senior housing market.

Five of the properties were owned by Adventist, while a sixth was a joint venture between Adventist and Frederick Memorial Healthcare System.

Genesis will lease the facilities as part of its agreement.

The facilities are: Bradford Oaks Nursing and Rehabilitation Center in Clinton, Fairland Nursing & Rehabilitation Center in Silver Spring, Shady Grove Nursing & Rehabilitation Center and Kingshire Manor Assisted Living in Takoma Park, Sligo Creek Nursing & Rehabilitation Center in Takoma Park, Springbrook Nursing & Rehabilitation Center and Adventist Dialysis Services in Silver Spring and Glade Valley Nursing & Rehabilitation Center in Walkersville.

Financial details were not disclosed.

andrea.walker@baltsun.com

Twitter.com/ankwalker

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