Senior Care Inc. is expanding its assisted living business into Kentucky with with the purchase of two communities from Louisville-based Ethos Assisted Living for more than $23 million according to BizJournals.
The two communities are based in Florence and Mount Washington. The Mount Washington property will be operated as Elmcroft of Mount Washington. The 68-bed community, at 520 Woodlake Drive in Mount Washington, has a secure dementia and memory impairment wing.
The purchase price was $7.7 million, with Chicago-based The Private Bank (NASDAQ: PVTB) financing the purchase.
The Florence community will operates as Elmcroft of Florence. The facility opened in January as a 100-bed community, also with dementia and memory-care services. It is in Northern Kentucky, at 212 Main St. in Florence.
The purchase price was $15.5 million and debt financing was provided by an affiliate of Chicago-based Ventas Inc. (NYSE: VTR).