Heavenrich & Company Sells Eleven-Facility Chicago Skilled Nursing Portfolio


Chicago, IL, November 16, 2015 – Heavenrich & Company announced the successful sale-leaseback of the Symphony Post Acute Network portfolio of 11 Chicago-area skilled nursing and post-acute facilities to Mainstreet. The transaction represents Symphony’s core portfolio of 2,477 licensed beds and $200 million of revenues. Ten of the facilities closed on October 30 and the eleventh facility will close in February 2016.

About Symphony Post Acute Network
Symphony Post Acute Network is a family-owned and operated skilled nursing management company founded by Robert Hartman more than 35 years ago. Headquartered in Chicago, it has grown into one of the most innovative, leading regional providers of post-acute rehabilitation and long term care. In all, Symphony operates 26 facilities with more than 5,200 licensed beds, 4,000 residents in multiple states and nearly 5,000 employees.

About Mainstreet
Based in Carmel, Indiana, Mainstreet is the nation’s largest developer of transitional care properties. Mainstreet is creating a new public company in Canada, Mainstreet Health Investments, to build up a portfolio of U.S. and Canadian properties and the transaction with Symphony provides the platform.

About the Transaction
Symphony’s goal was to consolidate and simplify its investor base to help the next generation of family management implement its vision for post-acute care. The transaction required a sophisticated capital partner and the ability to accelerate Symphony’s growth in state-of-the-art post-acute care. With Mainstreet’s construction pipeline of post-acute facilities, they could provide Symphony with rapid access to new markets. Heavenrich identified and Mainstreet negotiated with a large capital partner to compete on capital costs with the largest REITS.

According to Bob Hartman, Symphony Chairman emeritus, “I realize a large investment bank couldn’t have given us the level of attention that was required for this transaction and I was surprised at the scope of services that Heavenrich was able to provide. They were critical in helping us secure the best pricing and terms for our investors.”

About Heavenrich & Company
Since 1994, Heavenrich & Company has served as financial advisors to independent living, assisted living, memory care and skilled nursing organizations. Based in Chicago, with offices in Denver, Heavenrich & Company advises public and privately held for-profit and non-profit healthcare organizations in mergers, acquisitions and finance. Heavenrich formulates construction funding options for senior housing operators with a variety of capital sources including private equity groups, hedge funds, family offices, banks and pension funds. They serve as exclusive advisors to a $100 million equity fund dedicated to new construction of senior housing. Heavenrich represented Symphony in the transaction.