Biz Briefs: Pacific Retirement Services, NIC, LTC, Vigilan

PRS To Manage Quaker Garden Senior Living in Orange County, California

Pacific Retirement Services, Inc. (PRS) announced last week that it has forged an agreement to become the new Management Company for Quaker Gardens Senior Living, a nonprofit Continuing Care Retirement Community in Stanton, California. The agreement is effective on March 15, 2011.

PRS, which owns and manages retirement communities in five states, is partnering with Quaker Gardens to provide on-site management, operations, marketing, finance, and media services. PRS will be hiring additional staff at its Corporate Office to help support the community.

“Quaker Gardens offers a unique complement of services to seniors in a model that is very like our own,” says Brian McLemore, President of Pacific Retirement Services, Inc. “We’re looking forward to leveraging our extensive management, technology, finance, health services, and ad agency teams to free their staff for resident care and share its many benefits with the public.”

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Randy Brown, board chair of Quaker Gardens’ parent board, says, “Quaker Gardens is excited about the opportunity to partner with PRS, and we look forward to building the future of Quaker Gardens together.”

NIC Launches NIC MAP Portfolios Program

NIC MAP Portfolios Program recently debuted to provide a new set of competitive intelligence to investors, lenders, operators and owners in the seniors housing & care industry. The Property Compare and Corporate Compare Reports within the program enable data validation and performance benchmarking in areas such as rents and occupancy, plus provide a credible source of information that can be shared with key stakeholders. While the Property Compare Report focuses on the competitive environment for a single property, the Corporate Compare Report encompasses multiple properties across varying markets.

“The Portfolios Program came to life as a result of an expressed need we experienced in the industry to have an unbiased benchmarking tool that can be used to provide objective performance measurements to internal stakeholders and lenders and investors,” said Robert G. Kramer, president of NIC.

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The NIC MAP Portfolios Program provides objective, actionable data to:

– Accurately measure performance-internally and across the market;
– Drive business decisions-validating data to maximize operational efficiency
– Communicate performance to key stakeholders-utilizing an objective, third-party report to add authority to presentations

The comprehensive NIC MAP Portfolios Program is available at a cost of only $399 per year, per property, for NIC MAP data contributors and includes quarterly reports.

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LTC Announces Commitments for a New Unsecured Credit Facility

LTC Properties, Inc. (NYSE:LTC) recently disclosed that it had received commitments for a new $200.0 million, four-year unsecured credit facility.

The following banks have provided the Company with commitments of $50.0 million each for the new facility: Bank of Montreal, Chicago Branch as Administrative Agent, BMO Capital Markets, as Co-Lead Arranger and Joint Book Runner, KeyBanc Capital Markets Inc., as Syndication Agent, Co-Lead Arranger and Joint Book Runner, Royal Bank of Canada as Co-Documentation Agent and RBC Capital Markets as Co-Lead Arranger and Joint Book Runner and Wells Fargo Bank, National Association as Co-Documentation Agent and Wells Fargo Securities, LLC as Co-Lead Arranger and Joint Book Runner.

The Company expects that the new unsecured credit agreement will provide for a revolving line of credit with no scheduled maturities other than the maturity date in 2015, and will allow the Company to borrow at the same interest rates applicable to borrowings under its existing credit agreement. The Company’s current interest rate is 150 basis points over LIBOR. As of March 18, 2011, the Company had $82.5 million outstanding under the current unsecured credit agreement that matures in July 2011. The new facility is subject to lender due diligence, definitive documentation and closing requirements, which include amendments to the Company’s existing senior unsecured term notes. The Company anticipates completing documentation within the next 30 days.

Vigilan Care Suite Gets Update for Maryland Reporting Requirements

Vigilan announced that the inclusion of Maryland forms to its flagship product, Vigilan Care Suite. This addition to the Vigilan Care Suite enables Maryland Assisted Living providers to simplify the preparation of all of the required state forms.

The Vigilan software uses the information from service plans to automate the creation of the five required Maryland forms including:
• Form 4506, Part 1 – Health Care Practitioner Assessment
• Form 4506, Part 2 – Prescribers Medication and Other Treatments
• Form 4506, Part 3 – Maryland Assisted Living Manager’s Assessment
• Maryland Level of Scoring
• Maryland 45 Day Review

“Assisted Living providers in Maryland have a stringent reporting process that can take time away from providing resident care,” said Doug Fullaway, president and CEO of Vigilan. “Using Care Suite is a quick, no-hassle way to create and submit all of the required forms with confidence. ”