Potomac Homes, a developer of residential living options for seniors with Alzheimer’s and other dementia-related illnesses, recently announced the appointment of a new operator following the close of the sale of the ownership interests in its 12 facilities in northern New Jersey. The new owner of the real estate is an affiliate of the previous lender and is affiliated with a private investment fund managed by ValStone Partners, a private equity investment firm with experience in the senior living industry.
As part of the change, the entire existing staff, including CEO Ben Pearce will remain with the new entity. Based in Ramsey, New Jersey., Potomac Homes operates 12 Alzheimer’s and dementia care facilities occupied by no more than 15 residents in each.
“This is a very positive development because the cloud of uncertainty is removed, and our residents and their families can feel 100 percent secure in knowing that we are on solid financial ground,” Pearce said. “In fact, plans are already underway for renovations and expansion. The transaction allows us to grow the company and provide the best in care for our current and future residents. In the next 15 years, as the population ages, there will be a burgeoning need for our services and we will be ready to meet them.”