Community Care of America, a new privately owned nursing home and retirement center chain started by Robert N. Elkins, M.D., has received $60 million in financing from Health and Rehabilitation Properties Trust.
MODERN HEALTHCARE reported plans for the new company's start-up last month (Dec. 20-27, 1993, p. 18). Dr. Elkins, an investor in Community Care, is chairman, president and chief executive officer of Integrated Health Services, an Owings Mills, Md.-based subacute-care company (See story, p. 47).
Under the final agreement, HRPT, a Newton, Mass.-based real estate investment trust, bought 12 nursing homes and five retirement complexes from MeritWest, a Pittsburgh-based venture capital company. The facilities were leased to Community Care. In addition, HRPT provided $26.6 million in financing for Community Care to purchase another 14 nursing homes and one retirement complex from MeritWest. The facilities are located in six states.