Roanoke, Virginia--- Smith/Packett Med-Com, LLC and Formation Capital, LLC are pleased to announce the acquisition of 18 assisted living and memory care facilities (1,318 total beds), all located in North Carolina.  Six of the facilities completed construction in 2007 with the majority of the facilities developed after 1997.  The properties were owned by Wakefield Capital and leased to Agemark, a fully-integrated management services company based in Hickory, North Carolina. 

The new Smith/Packett–Formation Capital joint venture acquired both the fee and leasehold interest for a combined purchase price of approximately $98MM.  The facilities will be managed by the newly formed Bluebird Senior Living Management.  Bluebird Senior Living Management will be led by Deborah Petrine, Founder and CEO of Commonwealth Care of Roanoke, Charles Trefzger, founder of Agemark, and Susan Eckert, the President of Harmony Senior Services, an affiliate company of Smith/Packett.  Currently, the communities are approximately 77% occupied.

“We are pleased to enter into this joint venture with Formation Capital, a leader in senior care and living facilities.  Arnold “Arnie” Whitman was quick to understand this transaction and the action necessary to further increase the value of the portfolio.  North Carolina is a state with fair reimbursement for assisted living and memory care residents where new development is controlled by Certificate of Need regulations,” commented James “Piet” Pietrzak, a partner of Smith/Packett.

Arnie Whitman of Formation Capital stated, “Jim Smith and Piet put together an outstanding transaction and an exemplary team to manage the properties.  We are excited about our new joint venture and look forward to adding these facilities to our network of regional long-term and senior care providers.”

Financing for the acquisition was provided by GE Capital.  Although the specific terms of the loan were not disclosed, both Arnie and Piet agreed that “GE Capital understood the value opportunity and was able to respond promptly as our capital partner.” 

For more information, contact Jim Smith at 540-774-7762 or e-mail info@smithpackett.com.