Meridian Foresight's Portfolio Sold to the Providence Group
The Providence Group recently acquired Median Foresight Management's impressive Northern California skilled nursing portfolio. Both the buyer and the seller were represented by Shep Roylance of the JCH Senior Housing Group in this transaction.
Anaheim Hills, CA, September 4, 2015 (Newswire.com) - Meridian Foresight Management’s impressive Northern California portfolio has been sold to the Providence Group, an organization focused on building their West Coast presence. Facilitated by Shep Roylance, Senior Vice President of JCH Consulting Group and, the transaction was beneficial to both parties. Within the Meridian portfolio were seven skilled nursing facilities located throughout Northern California and one senior living facility in Southern California. Roylance represented both buyer and seller in the transaction. When all was said and done, Providence Took over the operations to 6 Northern California and one in Southern California. The details of the sale and new long term triple net leases remain confidential. As stated by Roylance, “this was an extremely complex transaction between Providence Group, Meridian Foresight Management and a number of landlords.”
The ownership of Meridian Foresight Management has decided to sell its entire portfolio for personal reasons, giving Providence Group the opportunity to increase their nationwide impressive portfolio of skilled nursing facilities. By adding the seven skilled nursing facilities from Meridian’s portfolio, Providence has increased their holdings to 25 healthcare communities, located in California, Kentucky, and Pennsylvania. Providence Group is perhaps most well-known for partnering with hospitals, physician group, accountable care organizations, and home health agencies. Within this structure , Providence Group plans to offer additional amenities and services to residents of the eight facilities, cutting costs and improving the quality of care. Vertical integration and collaboration between hospitals and skilled nursing facilities and other healthcare facilities has become an important trend in the future of the healthcare industry, and Providence is undoubtedly leading the charge.
“It was a pleasure working with Jason Murray and Mark Hancock of Providence Group. I am looking forward to our next acquisition”, says Roylance.
Shep Roylance is a highly-respected and successful mainstay in the world of skilled nursing facility transactions. His brokerage service engages him in the acquisition and disposition of all types of healthcare facilities, a skill he has expertly crafted over the years. For more than a decade, Roylance’s main goal has been to improve the quality of care for our nation’s senior population. He hopes that his effort in bringing a successful close to this transaction has helped further this goal.