Senior Living Projects
Senior Living Project
Citrus Health and Rehabilitation Center
Citrus Health and Rehabilitation Center was acquired in April 2002 by Provident Group—Citrus Health and Rehabilitation Center L.L.C. (Citrus)—a wholly-owned subsidiary of Provident Resources Group Inc. (Provident). The property, located in Inverness, Florida, was purchased from a struggling Tennessee non-profit corporation. The facility pursues a wide range of activities and programs and performs its operations in a manner designed to provide for the health care and well being of its residents. Citrus offers chronic, long-term, therapeutic and rehabilitation care. Residents can receive on-site physical, speech, and occupational therapy as needed. Citrus’ transitional care programs include cardiac recovery, joint replacement, orthopedic injury, surgical recovery and medical/general rehabilitation. Citrus also offers specialized care for Alzheimer’s patients. Citrus provides short-term, intermediate and long-term care. These different care segments range in length from three days to three years or more.
Provident was approached by the Senior Lender for the previous owner. Faced with bankruptcy due to troubled assets in the other segments of its portfolio, the previous owner was interested in selling its productive assets like Citrus. Provident entered into a purchase agreement with the owner through a Section 363 sale in bankruptcy court. Upon purchase, Citrus assumed the outstanding principle amount of the loan and obtained additional financing from SouthTrust bank in order to cover improvements; the total note payable amounted to approximately $5,300,000.
Citrus provides for the special needs of the aged and elderly through activities and programs designed to meet the physical, spiritual and mental health needs of its residents. Additionally, Citrus’ Charity Care program provides patients that meet certain program criteria with care at no charge or below established rates. Approximately 90% of the net patient service revenue in 2007 was from participation in both Medicaid and Medicare programs. With the help of these programs, Citrus provides residents with access to a wide range of quality care every year that is hard to find elsewhere.