Hammond Hanlon Camp LLC Advises Phoebe Putney Health System on its Sale of Phoebe Senior Living at Morningside to Care Investment Trust

posted on December 15, 2017

 
NEW YORK — Hammond Hanlon Camp LLC (“H2C”), a healthcare focused strategic advisory and investment banking firm, served as the exclusive financial advisor to Phoebe Putney Health System (“Phoebe”) on the sale of Phoebe Senior Living at Morningside (“Morningside” or the “Community”) to Care Investment Trust (“CIT”), a real estate investment company focused exclusively on the seniors housing sector. Morningside is a senior living community consisting of 50 assisted care units and 18 memory care units located in Albany, GA that offers an engaging, maintenance-free lifestyle filled with activities. Morningside, now renamed as The Phoenix at Albany, will be operated by Phoenix Senior Living (“Phoenix”), a regional assisted living and memory care operator based in the state of Georgia with a reputation for providing compassionate senior living services throughout the Southeast.

 

Phoebe Putney Health System initially engaged H2C in 2016 for a Real Estate Transaction Alternatives Study (“RETAS”) to identify the best course of action for the Community and the adjacent 16-acre development parcel. After analyzing the Community’s market, operational characteristics, financial performance and the underlying real estate, H2C presented Phoebe with a range of strategic alternatives for the Community. Morningside was the only senior housing community that Phoebe owned and the Board ultimately elected to pursue a sale of Morningside to focus on continued investment in its acute-care hospitals.

 

“We worked diligently with H2C to find an owner and operator we could trust to provide the best possible senior living experience to residents and to continue to meet the needs of our community’s seniors by offering outstanding senior living for many years to come,” said Tom Sullivan, Senior Vice President of Operations at Phoebe.

 

Morningside was marketed through a competitive sales process designed to highlight the Community’s strong market position, positive financial performance and robust development opportunity. H2C utilized its network of industry relationships to identify viable buyers for the Community and generate significant investor interest.

 

“Phoebe has a tradition of delivering high-quality healthcare in Southwest Georgia, which is why vetting the operating partner was just as important as the buyer,” said Jay Miele, Managing Director at H2C. “Phoenix taking over operations at Morningside will continue the Phoebe tradition of care and CIT’s investment will further elevate the community experience.” Email Jay

 

The sale of Morningside was the latest transaction executed by H2C on behalf of Phoebe.  The relationship between H2C and Phoebe has spanned more than 15 years and has included numerous strategic advisory, capital markets and M&A assignments.