BONITA SPRINGS, Fla., Dec. 30, 2021 (GLOBE NEWSWIRE) -- Discovery Senior Living ("Discovery") and White Oak Healthcare REIT ("White Oak") have announced the acquisition and rebranding of eight communities. Management functions for the communities, located in Louisiana (3), Mississippi (2) and South Carolina (3), have been transferred to Discovery Senior Living, effective immediately.
The acquisition results in the addition of three new, TerraBella-branded communities to the TerraBella Senior Living regional management company's operating portfolio, as well as five additions to Discovery's SummerHouse regional brand, including the first two, Active Independent Living communities in that brand's growing portfolio. In addition to expanding available living options for SummerHouse, it also sees Discovery establish a debut presence in Mississippi, which becomes the 16th U.S. state in which the senior living provider now owns and/or operates.
The move is the latest in what's been a historic period of growth and expansion for Discovery, which on November 2 announced the assumption of operations for 19, former Eclipse Senior Living communities in partnership with owner Ventas.
"Our company's growth and success amidst today's unprecedented industry landscape is possible only with the continuing support of capital partners like White Oak, which have long shared our penchant for innovation and the strategic expansion of Discovery's National and Regional Brand Management construct," said Richard J. Hutchinson, CEO of Discovery Senior Living. "These markets and communities align nicely within the scope of our SummerHouse and TerraBella brands, and we're both proud and energized to continue to expand our partnership with White Oak, and apply our unique, locally focused, regional brand management structure to create sustained success for these communities," added Hutchinson.
"We are very excited to have completed another acquisition of high-quality communities with Discovery and to continue expanding our established relationship. Discovery continues to be an industry-leading operator, and again, White Oak is excited to be a meaningful part of the growth of their regional brand management initiative," said Jeff Erhardt, Managing Director, White Oak Healthcare REIT.
Including its latest acquisitions, Discovery Senior Living now operates a portfolio in excess of 100 communities and 13,500 units.
About Discovery Senior Living
Discovery Senior Living is a family of companies that includes Discovery Management Group, Morada Senior Living, TerraBella Senior Living, Discovery Development Group, Discovery Design Concepts, Discovery Marketing Group, and Discovery At Home, a Medicare-certified home healthcare company. With almost three decades of experience, the award-winning management group has been developing, building, marketing, and operating upscale senior-living communities across the United States. By leveraging its innovative "Experiential Living" operating philosophy across a growing portfolio of more than 13,500 existing homes or homes under development, Discovery Senior Living is a recognized industry leader for lifestyle customization and today ranks among the 10 largest U.S. senior living operators and providers.
About White Oak Healthcare REIT & White Oak Healthcare Finance
White Oak Healthcare REIT is a healthcare real estate investment platform with extensive capabilities in acquisitions, underwriting, and asset management. The REIT makes equity investments in seniors housing and skilled nursing assets under NNN leases or Joint Venture structures with industry-leading operating partners. It is a business division of White Oak Healthcare Finance, LLC ("WOHCF"), an affiliate of White Oak Global Advisors, LLC. WOHCF is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare which enables it to provide flexible and creative solutions with certainty of execution.
About White Oak Global Advisors
White Oak Global Advisors, LLC ("WOGA") is a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Together with its financing affiliates, WOGA provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over $10 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk-adjusted investment returns to investors while establishing long-term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
Media Inquiries:
Heidi LaVanway, Vice President of Marketing
HLaVanway@DiscoveryMGT.com | 239.301.5330
Related Images
Image 1: TerraBella & SummerHouse Senior Living Logos
Discovery Senior Living and White Oak Healthcare REIT have announced the acquisition and rebranding of eight, Southeastern US communities under the senior living provider's TerraBella and SummerHouse brand names.
This content was issued through the press release distribution service at Newswire.com.
Attachment
