Senior Living Projects
Nursing Center Project
Graceland Nursing Center
Acquired in August of 2000, Graceland Nursing Center (“GNC” or “the Facility”) is located at 1250 Farrow Road in Memphis, TN. Graceland Nursing Center L.L.C. (“Provident – GNC”)—a wholly owned subsidiary of Provident Resources Group, Inc. (“Provident”)—provides residents with a range of different health and wellness services. Graceland offers chronic, long-term, therapeutic and rehabilitation care. Residents can receive on-site physical, speech, and occupational therapy restorative care, dementia care, IV therapy and parenteral and enteral nutrition services, wound care and hospice care.
The facility focuses on five distinct segments of care: 1) short-term skilled care, which ranges from three to 30 days for patients with a high potential for functional improvement; 2) intermediate skilled care, which averages 30 to 90 days; 3) long-term skilled care, which is usually 90 days to three years for patients with catastrophic injuries or illness that requires an extended recovery; 4) care for chronic, long-term care patients; and 5) care for patients with Alzheimer's disease.
The property was purchased from Graceland Endowment Properties (“GEP”). Baptist Memorial Healthcare Corporation guaranteed the sellers obligation under the facility term loan by agreement to guarantee a working line of credit. Provident assumed the series 1994A bonds payable with the Health, Educational and Housing Facility Board of the County of Shelby, Tennessee.
· First Mortgage Revenue Bonds (Graceland Nursing Center Project) Series 1994A: $8,425,000
· Taxable Second Mortgage Revenue Bonds (Graceland Nursing Center Project) Series 1994B: $400,000
Graceland Nursing Center is managed by Provident under a full services management agreement. As such, Provident oversees the day-to-day operations of the facility in addition to providing for the long-term benefits of employees and patients.
Approximately 96 percent of 2007 net patient service revenues came from participation in both Medicaid and Medicare programs. Graceland offers chronic, long-term, therapeutic and rehabilitation care. Residents can receive on-site physical, speech, and occupational therapy restorative care, dementia care and wound care. Graceland’s services, combined with the facility’s expertise and affordability, provide a level of care not found elsewhere for hundreds of residents every year.