National HealthCare Corp. has renewed its $75 million credit line with Bank of America. It is the seventh renewal of the revolving credit agreement, which matures in October 2015, for the Murfreesboro-based company.
"The credit facility allows us the financial flexibility to continue to implement our strategy of expanding our continuum of post-acute care services, which includes skilled nursing, assisted living, home care and hospice," Robert Adams, NHC CEO, said in a release.
For the full filing, click here.
Murfreesboro-based National HealthCare Corp. is scheduled to break ground today on a new assisted living and skilled nursing center in Bellevue.
NHC Place at the Trace represents a $38 million investment by the company, which operates nine other affiliated centers in the greater Nashville area. The new facility will create 200 jobs and is expected to open in the spring of 2016. It will to be a three-story, 135,000-square-foot center with 172 beds. Eighty-two of those beds will be for assisted living, including memory care patients.
"This area of the county has been reflective of Nashville's overall growth," Gerald Coggin, senior vice president of corporate relations, said in a release. "With that growth comes the need for broader health care services for our senior population, including rehabilitation services and assisted living. We designed NHC Place at the Trace to provide those services and to do so with the high level of quality care and innovative services for which NHC is well known."
David Scharf, the owner of several senior living projects to the south of Nashville, on Thursday submitted an application to build an assisted-living facility on six high-profile acres located at Franklin Road and Wilson Pike Circle in Brentwood. The project is one of several big plans that will soon go before city commissioners; Jonathan Romeo has all the details at Brentwood Homepage.
Analysts at Mizuho Securities have launched coverage of National Health Investors with a 'neutral' rating and a price target of $69, which leaves about 10 percent of upside from where the stock (Ticker: NHI) closed Wednesday. Shares of Murfreesboro-based NHI are up about 12 percent year to date.
Brookdale Senior Living has closed on its $1.2 billion joint venture with Long Island, Calif.-based HCP Inc. to own and operate 14 retirement communities.
Through the deal, the two companies will also amend leases on 202 HCP-owned senior living communities formerly operated by Emeritus Senior Living, which Brookdale acquired earlier this year.
"We are very excited about broadening our relationship with HCP through both the merger with Emeritus and this transaction, which creates attractive opportunities to build shareholder value for Brookdale and HCP," Andy Smith, Brookdale CEO, said in a release.
Shares of Brookdale (Ticker: BKD) were down 1 percent to $34.60 Tuesday afternoon. Year to date, they're up 27 percent.
Southern Care Inc. owner Richard Chavez has submitted plans to Franklin officials to build an assisted-living center behind the Williamson Square shopping center on Highway 96 in Franklin. The complex is planned to comprise 68 rooms as well as a row of townhomes. Michael Ackley has more at Franklin Homepage.
Brookdale Senior Living President and CFO Mark Ohlendorf last week cut his stake in the Brentwood-based senior living facilities company by a third, padding his bank account by $6.8 million. The series of sales came three weeks after Brookdale (Ticker: BKD) completed its acquisition of Emeritus and a week after former Emeritus boss Granger Cobb wrapped up the sale of $17 million worth of stock.
Also selling (again) last week was Director Mark Schulte, who has trimmed his Brookdale holdings by a third in recent weeks. Schulte's latest sales — view the details here and here — netted him about $2.7 million.
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