SARASOTA, Fla., July 29, 2021 /PRNewswire/ -- Convivial Life, Inc., a Florida not-for-profit organization, is pleased to announce it has entered into a purchase agreement of The Cabana at Jensen Dunes, a 126-unit assisted living and memory care community nestled on 22+ acres in Jensen Beach, FL. LifeStar Living will serve as the acquisition consultant and provide management services after facilitating a transition over the next fifteen months with the current manager, Solvere Living.
Convivial Life and the current owner group, One HC-Jensen Beach, LLC, reached an agreement as a private sale, with the closing expected to occur on or around October 15, 2021. Ziegler, one of the leading investment banks for senior living and life plan communities, will be the underwriter for the bond transaction to fund the purchase.
The Cabana at Jensen Dunes, a favorite of the Port St. Lucie area and voted locally by Hometown News as the #1 Assisted Living Community on the Treasure Coast over the past two years, is expected to continue its commitment to high-quality services and amenities at the beautiful campus surrounded by natural dunes and a preserve with neighboring Atlantic coast breezes. "We are very excited about the purchase of The Cabana at Jensen Dunes," says Rick Grindrod, Board Chair of Convivial Life. "It is a well-respected senior living community."
Grindrod, who was elected as Convivial's Board Chair in March, is the CEO of Provider Partners Health Plans, a Medicare Advantage Plan serving the needs of long-term care residents in Maryland, Pennsylvania, Illinois, Texas, Ohio, and Missouri. He also is the former president of Erickson Retirement Communities which during his 25 years grew to over $1.5B in revenue with 11,000 employees serving 23,000 residents at 19 communities in 10 states. Grindrod is joined by other major influencers within senior living including Dr. Judah Ronch, dementia expert and former dean of the Erickson School of Aging at The University of Maryland Baltimore County, Ps. Jeff Metzger, president and CEO of New International Ministries, Cedric Richner, senior consultant with Marts & Lundy and former co-founder and president of Richner+Richner philanthropic consulting group, and Art Schloss, retired municipal bond vice president for Van Kampen Advisors/INVESCO.
As a separate transaction, Convivial intends to acquire the adjacent 11.35 acres to The Cabana at Jensen Dunes and expand into a full continuum campus with independent living homes and other common amenities for retirees to enjoy. LifeStar Development will be engaged to direct the pre-development planning activities for the future expansion with no timeline or plans determined.
LifeStar personnel have 100+ years of industry executive experience in successfully managing and growing senior living communities," said Grindrod. "Our groups have a strong commitment in working together. At the heart of our relationship is marrying similar values, cultures, and philosophies of care and service to make the most valuable experiences for residents, staff, and their families," adds Grindrod.
About Convivial LifeConvivial Life is a Florida, not-for-profit senior living organization. The company's mission seeks to enhance the lives of those served - residents, staff, and the local community. They are committed to creating vibrant and joyful lifestyle experiences at their communities with quality healthcare and other supportive services.
SOURCE Convivial Life, Inc.