61 talking about this. Additionally, Invesque will have the right to redeem the Preferred Interests at par value in increments of up to 40% of the originally issued amount every twelve months beginning 24 months after closing. The Preferred Interests will be exchangeable by holders into common shares of Invesque at a fixed exchange price of US$9.75 per Invesque common share. Toronto-based Invesque, which changed its name from Mainstreet Health Investments in early 2018, has entered into an agreement to acquire Charlottesville, VA-based Commonwealth Senior Living for $340.4 million. 800-304-7152. Commonwealth Assisted Living, LLC provides old age living solutions. The Transaction significantly enhances the Company’s operator, geographic and property-type diversification. Commonwealth Senior Living At Monument Avenue, an Assisted Living, Adult Day Care facility located at 501 N Allen Ave, Richmond,VA, 23220, seniorhousingnet.com . The Company has grown to become Virginia’s second largest provider of independent living, assisted living and memory care services. We are committed to delivering high quality senior care. 800-304-7152. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to completion of the Transaction (including obtaining the written consent of selected shareholders holding more than 50% of the issued and outstanding Invesque common shares or otherwise obtaining shareholder approval at a meeting of shareholders) will be satisfied or waived, and that the Transaction will be completed. Invesque will have more than $1.8 billion of asset value including 122 properties, Transformational acquisition repositions Company with majority private pay revenue portfolio and vertically integrated seniors housing platform, Transaction expected to be immediately accretive to adjusted FFO (“AFFO”) per share. FFO, AFFO and NOI are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. Invesque did not say what will happen to an additional community in Commonwealth’s portfolio. “We are excited to partner with Invesque as we continue to execute on delivering outstanding support to our associates and exceptional care to our residents” said Richard Brewer, CEO of Commonwealth. “We have long believed alignment is the key to a successful partnership, and the Commonwealth acquisition allows us to vertically integrate with a leading regional operator. ... but you may also find some communities where homes are bought and sold. In fact, 88% of our employees said they feel the work they do has special meaning and is not “just a job”. The acquisition will bring Invesque’s portfolio to 122 properties and 10,844 beds, collectively worth more than $1.8 billion, in 20 states and two Canadian provinces. Welcome to the Careers Center for Commonwealth Senior Living. About Commonwealth Senior Living at Williamsburg With resort-quality amenities and a prime location, Commonwealth Senior Living at Williamsburg is the secret to a rewarding and carefree retirement. The remainder of the purchase price will be funded with a draw on the Company’s revolving credit facility and cash on hand. Such measures are presented in this news release because management of the Company believes that such measures are relevant in interpreting the purchase price metrics and performance of acquisitions. Commonwealth Senior Living is proud to be certified as a Great Place to Work(TM). The properties have a total of 1,440 units with 1,716 beds. Senior Living in Richmond, VA At Commonwealth Senior Living at The West End, “We Listen, We Love, We Care, We Serve.” These are the words we live by every day, and the promise we uphold to our residents, making a true difference in their lives. Executives changed the company’s name in 2016, referencing senior living instead of assisted living. If you are a … The Company offers retirement and assisted living homes. Normal daily activities, such as cleaning, bathing or cooking may become too much for you to safely handle anymore. The company’s senior vice president of sales and marketing, Kristy Ruppe Craddock, was named a McKnight’s Women of Distinction Rising Star this year. A free inside look at Commonwealth Senior Living salary trends based on 82 salaries wages for 52 jobs at Commonwealth Senior Living. Invesque said that with the transaction, private-pay senior housing will represent approximately 52% of its consolidated net operating income. Apply to any positions you believe you are a fit for and contact us today! This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Barack Ferrazzano Kirschbaum & Nagelberg LLP is serving as Invesque’s primary legal counsel with assistance from Goodmans LLP and other law firms. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may” “estimate”, “pro forma” and other similar expressions. The tables below provide a more detailed breakdown of the Company’s pro forma portfolio. The deal is expected to close in the third quarter. She holds a master's degree in journalism and mass communication from Kent State University (media management) and is the recipient of the Jesse H. Neal National Business Journalism Award as well as other honors. Commonwealth Senior Living has a variety of communities offering independent living, assisted living and/or memory care throughout the Southeast United States – from cozy, warm surroundings to … 73% of employees at Commonwealth Senior Living … These are estimated prices. Houlihan Lokey Capital, Inc. is serving as financial advisor to Commonwealth. Animals such as dogs and cats are … Brewer and Municipal Capital Appreciation Partners (“MCAP”), Commonwealth has an established reputation as a high-quality senior living operator with industry-wide recognition for differentiated and innovative care programming, best practices in talent acquisition and development, and an award-winning dedication to providing exceptional quality resident care. Commonwealth… Burr & Forman LLP is serving as Commonwealth’s legal counsel. Readers, therefore, should not place undue reliance on any such forward-looking statements. Invesque also will obtain an exclusive right of first offer on three additional senior living communities that are managed by Commonwealth. The Preferred Interests have a fixed liquidation value and an expected initial dividend rate of 6.50% per annum. 135 reviews from Commonwealth Senior Living employees about Commonwealth Senior Living culture, salaries, benefits, work-life balance, management, job security, and more. Please browse all of our available job and career opportunities. Commonwealth, collectively with its affiliates, is a leading high-quality developer, owner, and operator of senior living communities led by a highly experienced team … hollyana 2017-05-30 The price of Commonwealth Senior Living at Chesterfield is way too high for what they offer; we are getting the same exact thing for almost $1,500 less where my sister is now. The proposed transaction is subject to obtaining certain regulatory approvals, including Toronto Stock Exchange (“TSX”) approval, Invesque shareholder approval (which is expected to be obtained by way of a written consent) and other customary closing conditions. Vineet Bedi For more information, visit www.invesque.com. “Furthermore, this transaction positions our portfolio well as we continue our focus on creating a diversified healthcare real estate company.”, The agreement includes 20 private-pay senior living communities — independent living, assisted living and memory care — in Virginia (19) and Pennsylvania (1). Following completion of the Transaction, Commonwealth’s experienced senior management team will continue to manage and operate the Portfolio. Commonwealth Senior Living At Leigh Hall, an Assisted Living, Retirement, Alzheimer's Care facility located at 890 Poplar Hall Dr, Norfolk,VA, 23502, seniorhousingnet.com . Offering assisted living and memory care, Commonwealth Senior Living at The West End welcom… The employee experience below at Commonwealth Senior Living, compared to a typical U.S. based company. Our stand-alone cottages, one for our memory care and one for assisted living, are p… Following this acquisition, we will have a larger and stronger platform to finance growth and take advantage of market fragmentation in the healthcare industry to create value for our shareholders.”. Please register or login first to post a comment. There may come a time when you are no longer able, or no longer wish, to live alone. " Commonwealth Assisted Living invests in it's employees with training, competitive salaries and benefits, and most importantly RESPECT " (in 5 reviews) Cons " Following our Employee … Commonwealth’s senior management team is expected to remain in place. BMO Capital Markets is serving as financial advisor to Invesque. Residents relax with the peace of mind … Commonwealth’s revenue is generated from private pay funding sources, and the Portfolio does not have direct exposure to Medicare, Medicaid or other government funding sources. Commonwealth Senior Living At South Boston is a memory care community located in South Boston, VA. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, risks that the conditions to the completion of the Transaction will not be satisfied or waived, that the Transaction will otherwise not be completed or that the Portfolio will not perform or be integrated as expected, as well as the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedar.com. Commonwealth and affiliates own and operate a well-clustered portfolio of 24 high quality private pay communities strategically located in attractive and growing Mid-Atlantic markets with a concentration in Virginia and locations in Connecticut and Pennsylvania. Commonwealth Senior Living acquired Cedar Manor Assisted Living, an assisted living facility in Chesapeake, Virginia including 60 assisted living beds and 12 memory care beds. Assisted Living at Commonwealth Senior Living. The company was founded in 2002 by CEO Richard Brewer with Municipal Capital Appreciation Partners. The Transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2019. Invesque described the communities as having an average age of 10 years and being located in “attractive and growing markets.”. Commonwealth, collectively with its affiliates, is a leading high-quality developer, owner, and operator of senior living communities led by a highly experienced team focused on both operations and steady growth through acquisition, expansion, and redevelopment opportunities. At Commonwealth Senior Living at Cockeysville, the promise we make to our residents and their families is the same commitment we make to ourselves: “We Listen, We Love, We Care, We Serve.” With these guiding principles, we keep our focus on those we assist with the u™ ost respect and appreciation.Located on a hillside in Cockeysville, MD, only 17 miles from Baltimore, we’re known for our individualized care. The Transaction represents a significant expansion of the Company’s portfolio, increasing the number of properties from 102 to 122, and the number of beds from 9,128 to 10,844 across 20 U.S. states and two Canadian provinces. We are passionate, have fun, and CELEBRATE success. “We have long believed alignment is the key to a successful partnership, and the Commonwealth acquisition allows us to vertically integrate with a leading regional operator,” Invesque Chairman and CEO Scott White said in a statement. Lois has spent almost her entire career covering healthcare, the business of healthcare and related topics via journalism or public relations. Commonwealth Assisted Living serves customers in the State of Virginia. Salaries posted anonymously by Commonwealth Senior Living … Talk to a local advisor for free. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Company Culture at Commonwealth Senior Living. Commonwealth Senior Living Overview. As part of the Transaction, the Company will be acquiring 20 of the 24 Commonwealth assets with an exclusive right of first offer on three additional assets that are currently, and will continue to be, managed by Commonwealth. Commonwealth Senior Living ("CSL" and f/k/a Commonwealth Assisted Living): MCAP co-founded CSL, based in Charlottesville, Virginia. “The Invesque transaction is a win-win for our investors and our team and will allow us to continue to grow and provide high quality services for years to come.”. Toronto-based Invesque, which changed its name from Mainstreet Health Investments in early 2018, has entered into an agreement to acquire Charlottesville, VA-based Commonwealth Senior … Learn More. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. At Commonwealth Senior Living at Charlottesville, we provide an assortment of community features. Such measures, as computed by the Company, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to the measures reported by such other organizations. Commonwealth Assisted Living is a Charlottesville-based company which operates 23 senior living communities throughout Virginia. Commonwealth Senior Living at Charlottesville is located in close proximity to the Social Security Administration, DMV, Martha Jefferson Hospital, restaurants, unique shopping, historical sites and … The Charlottesville … We CARE about people. We DO the right thing. As of August 1, 2019, MCAP sold … TORONTO, ONTARIO, MAY 22, 2019 – Invesque Inc. (TSX: IVQ) (“Invesque” or the “Company”) today announced that it has entered into a definitive agreement (the “Transaction Agreement”) to acquire 20 private pay senior living communities comprising 1,440 units with 1,716 beds (the “Portfolio”) and Commonwealth Senior Living, LLC (“Commonwealth”) for a purchase price of US$340.4 million (the “Transaction”). The Hermitage Eastern Shore is being sold to Commonwealth Senior Living of Charlottesville, Virginia. The community, located in Onancock, Virginia, has been re-branded as Commonwealth Senior Living … The acquisition of the Portfolio will be capitalized with approximately US$220 million of property-level mortgage financing. The cost at this community starts at $5,550, while the average cost for a senior living community in South Boston, VA is $4,451. Furthermore, this transaction positions our portfolio well as we continue our focus on creating a diversified healthcare real estate company. Author: Carol Vaughn (Delmarva Now) Published: 11:33 AM EDT October 22, 2018 1-317-643-6778 Please login or register first to view this content. The consideration to be paid to Commonwealth’s existing investors at closing of the Transaction will include approximately US$67.2 million of Preferred Interests in the Invesque acquisition vehicle acquiring the Portfolio. Balancing Support with Independence. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the completion of the Transaction and the timing thereof, the benefits of the Transaction (including the extent it will be accretive to the Company’s FFO and AFFO per share), the expectation that additional synergies will be achieved, and the approval of the issuance of the Preferred Interests. Please see the Company’s most recent management’s discussion and analysis, which is available on SEDAR at www.sedar.com, for how the Company reconciles FFO, AFFO and NOI to the nearest IFRS measure. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Invesque is a healthcare real estate company with an investment thesis centered around the opportunity created by the global aging demographic trend. Isn’t that the level of care and dedication you want for your family member or loved one? Commonwealth Senior Living at Williamsburg is the ideal retirement community for seniors age 55+ who want to enjoy the freedom of living in a private apartment while appreciating the convenience of … Our South Boston senior living … Residents can take part in frequent off-site adventures and trips. Meet Richard Brewer, President and CEO of Commonwealth Senior Living, a provider of independent living, assisted living and memory care services across 22 communities in Virginia. Invesque (TSX: IVQ.U) is wasting no time in building up the $340 million Commonwealth Senior Living portfolio acquired in May. Invesque currently capitalizes on this opportunity by investing in a highly diversified portfolio of income generating health care properties located across the United States and Canada through long-term absolute net leases, joint ventures, and development capital. ... but you may also find some communities where homes are bought and sold. It was a … Offering assisted living and memory care, Commonwealth Senior Living at Hillsville provides supportive services in a warm, inviting environment that feels like home. For a list of Commonwealth's assisted living communities near you, visit our website. The … McKnight’s Senior Living is the pre-eminent national media brand for owners, operators and senior living professionals working in independent living, assisted living, memory care and continuing care retirement / life plan communities. Our … Founded in 2002 by Richard J. We help you make a difference! Charlottesville, VA – Commonwealth Senior Living (“CSL”) announces that it completed the acquisition of Hermitage on the Eastern Shore from Pinnacle Senior Living in December of 2018. If and when that time comes, assisted living … Twenty of our communities also offer the Sweet Memories program for Alzheimer’s disease and dementia care. vbedi@invesque.com. Copyright © 2021 Haymarket Media, Inc. 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