Dec 21, 2017

Heartland Senior Living Completes Purchase Of Local Senior Facilities

WINNEBAGO, MINN. (December 21, 2017) – Heartland Senior Living, a local non-profit community corporation, has finalized the purchase of three southern Minnesota senior care providers from previous owner ElderCare of Minnesota. Parker Oaks Communities in Winnebago, Parkview Care Center in Wells and Truman Senior Living in Truman are under the new ownership arrangement. The sale was finalized December 20. Heartland Senior Living has immediate plans for renovations at all three locations along with some new construction. Heartland Rural Services, LLC will continue to provide management services at all three locations.

Heartland Senior Living has been working on the acquisition since its inception in 2014. The organization received financing approval from the United States Department of Agriculture (USDA) late last summer, allowing the acquisition to move forward. The loan is funded through a combination of a USDA Direct Loan and a USDA Guaranteed Loan through Profinium, Inc. of Truman.

Bill Erickson, Heartland Senior Living President, said, “We are so pleased to start a new chapter for senior housing in these three communities after working on this effort as a local board for four years. With the funding from the USDA, the facilities have been purchased and we can now move ahead with improvements. This is a major step toward providing quality, compassionate care for seniors in our communities as well as local employment opportunities.”

According to Patrick Rafferty, Heartland Rural Services President and CEO, there was broad-based support from the community, the local board of directors and government representatives, including Congressman Tim Walz and Senators Al Franken and Amy Klobuchar. “We would like to thank everyone involved, and especially the USDA team from the Minnesota Rural Development office,” Rafferty said. “Without their tireless efforts, this project would not have been feasible.”

The three facilities currently employ 179 area workers and are licensed to provide housing and various levels of care services to 164 residents.

Heartland Senior Living was established to be the umbrella organization for Parker Oaks Communities, Parkview Care Center and Truman Senior Living. A nine-member board representing the three communities governs it. Heartland Rural Services is a management consulting firm specializing in the senior care industry. It has been operating the three facilities under a management agreement with current ownership for the past year.

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