SOURCE: The Heritage at Brentwood

The Heritage at Brentwood

February 01, 2016 09:26 ET

Middle Tennessee Investment Group Now Majority Owner of The Heritage at Brentwood

Heritage Investment Partners Purchases 70 Percent Majority Stake From Westminster Capital; The Sale, Financed by Pinnacle Financial Partners, Positions the Active Senior Living Community for Future Growth and Development

BRENTWOOD, TN--(Marketwired - Feb 1, 2016) - The Heritage at Brentwood, a community managed by Life Care Services™, an LCS® Company, today announced that Middle Tennessee-based investment group, Heritage Investment Partners -- led by John Cooper, Nashville developer and at-large member of Metro Council, and John Stone, lawyer at Nashville-based White & Reasor, PLC and local business leader -- has purchased a 70 percent majority stake in the senior living community from Westminster Capital, an Illinois-based company. The corresponding debt in the transaction was financed through a loan from the senior living community's new local banking partner, Pinnacle Financial Partners.

Harpeth Green Properties, LLC, also owned by Cooper and Stone, and LCS will remain minority partners of The Heritage at Brentwood, each holding a 15 percent ownership position.

"With their team at Heritage Investment Partners, John Cooper and John Stone have played a pivotal role in supporting the growth of our community and have been integral to our success," said Judy Good, Marketing Director at The Heritage at Brentwood. "We are delighted that they are deepening their support and involvement as The Heritage at Brentwood continues to grow and add to the amenities and programs we offer our residents and neighbors."

Life Care Services will continue to manage The Heritage at Brentwood, and the change in ownership will not affect the community's residents, employees, operations or upcoming developments. The Heritage at Brentwood's planned expansion includes the Redbud building with 97 new apartments; the 11,000 square-foot HealthyLife™ Center featuring a pool, fitness room and juice bar; a 350-person auditorium; an assisted living building; dining room renovations; and expanded maintenance facilities.

"We are excited to have the opportunity to grow our partnership with The Heritage at Brentwood and extend our existing relationship with Pinnacle Financial Partners who provides on-site banking services to residents at The Heritage," said John Cooper, an owner of Heritage Investment Partners. "Williamson County is a thriving and attractive retirement destination, and I am passionate about ensuring Middle Tennessee seniors have a great place to live. We look forward to exploring new ways we can enhance this active community that an increasing number of seniors are confidently calling home."

The Heritage at Brentwood, the only LifeCare™ Continuing Care Retirement Community (CCRC) in Middle Tennessee, spans nearly 50 acres and consists of 217 independent living units, a 66-unit fully licensed skilled nursing facility and a stand-alone Adult Day Care building. As a LifeCare™ community, The Heritage at Brentwood offers residents choice, flexibility, independence and support with access to a full continuum of quality, long-term health care at Somerfield Health Center. For more information about The Heritage at Brentwood, or to schedule a tour, visit www.theheritagelcs.com or call -615-507-2686.

The Heritage at Brentwood

The Heritage at Brentwood, developed and managed by Life Care Services, is a LifeCare™ community that offers residents choice, flexibility, independence and support. Through its LifeCare™ program, The Heritage residents are ensured access to a full continuum of quality, long-term health care at Somerfield Health Center. The Heritage's Return-of-Capital™ plan refunds 80% or 90% of the entrance fee to residents or their estate no matter how long they reside at the community.

About LCS®

Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides in-home care, insurance, and national purchasing consulting services. The companies of LCS serve thousands of residents across the nation. LCS is an equal opportunity employer hiring skilled and professional employees to better serve the customer. For more information, visit LCSnet.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital. Founded in 1988, the firm is headquartered in Lake Forest, Illinois. Private client work includes leadership of closed-end investment fund and separate account portfolios totaling approximately $700 million of investor capital. Westminster Capital oversees commercial property investments throughout the United States across several property types and investment risk-reward profiles.

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