Firm buys assisted living centers.Byline: Diane Dietz The Register-Guard
Two Eugene assisted living as·sist·ed living
A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. centers - Lone Oak Lone Oak can refer to:
1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances.
2. investment situations" around the globe.
The situation of this sale - expected to close on Jan. 15 - is the collapse of Sunwest Management, a Salem-based assisted living developer and operator, which grew to 287 properties nationally and then defaulted this fall on hundreds of millions of dollars in loans.
Forty-three other Sunwest facilities in 11 states are also part of the sales agreement reached this week between Sunwest and Lone Star Funds.
Sunwest would not disclose the terms of the sale; Lone Star Lone Star (or Lonestar) may refer to:
The sale comes three weeks after corporate turnaround expert Clyde Hamstreet took the helm at Sunwest. He is solely responsible for restructuring the company, although Sunwest principals Jon Harder and Darryl Fisher continue to report to work each day and are helping Hamstreet understand the problems, he said.
Hamstreet, who has 25 years of corporate rescue experience with all kinds of businesses - including a home builder, a news organization, and an agricultural cooperative An Agricultural cooperative is a cooperative where farmers pool their resources in certain areas. There are two primary types of agricultural cooperatives:
"We've made some progress with several lenders in the last few days," the Portland-based restructuring officer said. "The lenders have, kind of, backed off as we get a handle on the situations and figure out how to best deal with them."
As many as 30 Sunwest properties are in foreclosure foreclosure
Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. , including Middlefield Oaks in Cottage Grove Cottage Grove, village (1990 pop. 22,935), Washington co., SE Minn., near the St. Croix River; inc. 1965. There is farming (cattle, sheep, corn, and soybeans) and manufacturing (chemicals and machinery). . And at least 15 have been placed in Chapter 11 bankruptcy reorganization, including Briarwood bri·ar·wood
Wood from the root of the briar.
Noun 1. briarwood - wood from the hard woody root of the briar Erica arborea; used to make tobacco pipes
brier-wood, brierwood Assisted Living in Springfield.
Sunwest's financial upheaval may be the hardest on 1,200 small-scale investors who put $400 million into affiliates created by Sunwest's exclusive securities broker, Canyon Creek Canyon Creek can mean the following:
Canyon Creek Financial is under investigation by the Oregon Division of Finance and Corporate Securities. The division took an unusual step in November by requiring Sunwest principals to pledge not to sell securities without submitting to tough scrutiny - even though the division's investigation is not complete.
"We needed to do something to make sure Sunwest knew that we were watching what they were doing," said division enforcement Chief Kevin Anselm.
The state has little help for past investors, who may lose all their money. That happens in cases where Sunwest sells off a facility - or a group of them - to pay back a lender but doesn't clear a large enough sum to repay investors.
That was the case last month when Sunwest sold seven homes in North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . Investors fought to stop the sale, telling the court that they should have been consulted about the sale. But the judge let the sale go through.
"They got totally screwed," said Portland attorney Gary Grenley, who represents investors connected with 50 Sunwest properties. "I do not want that situation to be repeated with any of my clients."
About a dozen Lane County investors put a minimum of $1.2 million into Sunwest ventures in Oregon and other states.
Cottage Grove Realtor David Hemenway invested an undisclosed sum in Sunwest's Middlefield Oaks project.
He hopes the facility eventually will sell for a good price and that he will get his principal back.
"We're going to be able to pull something off. I'm just not sure what it will be right now," he said.
Hamstreet isn't making any promises.
"Some properties are good properties and they'll do fine and others aren't good, and some investors won't come out whole. On aggregate? It's tough in these times for any kind of investment - auto stocks, bank stocks or anything. It's a tough world right now."
The fate of Sunwest Management looms large in Lane County: As many as 600 seniors live in Sunwest facilities here - part of about 3,000 Sunwest residents in the state.
Residents at Lone Oak in Eugene and at Junction City Assisted Living are likely to be first to see the changes that Sunwest sales bring.
Quality won't suffer, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Sunwest spokesman Steve Stradley, who provided a written statement: "We are working hard to see that the transition is as seamless as possible for the employees, residents and families."
If Lone Star succeeds in closing the deal on the 45 properties, it will replace Sunwest Management with the operational oversight of San Diego-based Senior Resources Management.
Senior Resources is a 20-year-old privately held boutique Boutique
A small investment firm specializing in offering specific, but limited services to a select number of individuals.
These investment firms are the alternatives to large financial supermarkets. They provide a highly personalized environment for investing. management company with 14 facilities in four states: California, Arizona, Florida and Oregon. The Lone Star sale would extend its purview The part of a statute or a law that delineates its purpose and scope.
Purview refers to the enacting part of a statute. It generally begins with the words be it enacted and continues as far as the repealing clause. to 49 facilities in 11 states.
"It's a big, big job," company spokeswoman Donna Thomas said. "This is just a huge growth opportunity, no question."
Popular features at Senior Resource facilities include its 12-hour dining program and its "genuine hospitality" hiring and training program - the latter won a "best of the best" award in July from the Assisted Living Federation of America.
Senior Resources also enrolls its facilities in a rigorous accreditation process. Only one other assisted living facility in Oregon, SpringRidge Court in Wilsonville, has done so - and it's owned by Senior Resources.
The accreditation is the company's proudest achievement because it measures resident care, Thomas said.
"You can have a beautiful environment, a beautiful community, but if you aren't living up to a certain standard every day, it doesn't matter how beautiful it is," she said.
SUNWEST LANE COUNTY FACILITIES
Junction City Assisted Living & Retirement
Lone Oak Assisted Living, Eugene
Middlefield Oaks Assisted Living & Memory Care, Cottage Grove:
Briarwood Assisted Living, Springfield
Woodside Assisted Living, Springfield
Alpine Court Memory Care & Cottages, Eugene
Alpine Meadow An alpine meadow is a high-altitude grassland plant community located in an alpine climate, above the treeline of a mountain.
Alpine meadows, along with sub-alpine meadows, are part of the Montane grasslands and shrublands biome as defined by the World Wildlife Fund They Retirement Cottages, Eugene
Alpine Springs Assisted Living, Eugene
Garden Way Retirement Community, Eugene