Milestone Acquisition Fuels Launch of Morada, Discovery Senior Living's Newest Divisional Brand
The formation and launch of Morada Senior Living signals a strategic shift to a diverse regional brand structure for the award-winning, national owner and operator of experiential lifestyle-focused senior living communities.
BONITA SPRINGS, Fla., February 12, 2021 (Newswire.com) - Discovery Senior Living ("Discovery") has announced the acquisition and rebranding of 16 senior living communities across Texas, North Carolina and New Mexico. The move, which was the single, largest acquisition in Discovery Senior Living history, resulted in the creation and launch of Morada Senior Living, the company's newest division and regional brand.
Discovery Senior Living, in partnership with White Oak Healthcare REIT ("White Oak"), executed the purchase and commenced operations of the portfolio on Jan. 21, 2021. Morada Senior Living will be based in Dallas, Texas and operated as a wholly-owned subsidiary of Discovery Senior Living, with a dedicated management team lead by a Division President. Operations, sales, marketing, human resources, treasury, finance, accounting and business analytics support will be provided through the company's Florida headquarters.
The expansion further diversifies Discovery Senior Living's growing, multi-brand portfolio and establishes a stronghold in Texas, where 26 communities in total across 4 different brands make for the highest number of communities in any of the 15 states where the company currently owns and operates.
"We are extremely enthusiastic to execute the purchase of this portfolio with our long-standing partner, White Oak Healthcare REIT. The portfolio of communities, on-site leaders and teams of dedicated professionals are a perfect fit for our Morada Senior Living brand, and the acquisition aligns very well with our strategy of growth by operating a portfolio of both national and regionally-focused brands with dedicated management teams," said Richard J. Hutchinson, CEO of Discovery Senior Living.
"We are very excited to have completed this acquisition with Discovery and to continue expanding our long-standing relationship. Discovery is an industry-leading operator and White Oak is excited to be part of its new, regional brand initiative," said Jeff Erhardt, Managing Director of White Oak Healthcare REIT.
"We feel fortunate to continue being able to execute our business plans and work closely with seasoned capital partners, such as White Oak, to accomplish highly accretive acquisitions during these challenging times and are extremely bullish on the future of this portfolio, the industry in general and our ability to differentiate ourselves for our customers, team members and capital partners," added Hutchinson.
With this most recent transaction now complete, Discovery Senior Living currently operates a portfolio of 69 communities with more than 11,000 units, placing the company among the nation's top 10 largest senior living operators.
About Discovery Senior Living
Discovery Senior Living is a family of companies which includes: Discovery Management Group, Morada 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 develops, builds, markets, and operates senior-living communities across the United States. By integrating the company's highly innovative and successful "Experiential Living" operating philosophy across its flourishing portfolio of more than 11,000 existing homes or homes under development, Discovery Senior Living has become a recognized industry leader in creating world-class, customized experiences at its communities.
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 $8 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 Miller LaVanway, Vice President of Marketing, Discovery Senior Living
HLaVanway@DiscoveryMGT.com | 239.301.5330
Source: Discovery Senior Living
