News Release

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FOR IMMEDIATE RELEASE

January 23, 2008

 

ABE’S GARDEN PURCHASES PARK MANOR:

Blakeford XMi Senior Living to Manage Operations

NASHVILLE, TENN. — For the past 45 years, the independent living senior community of Park Manor has been owned and operated by Presbyterian Apartments, Inc., a volunteer not-for-profit board. Today, Park Manor has new owners who are also a not-for-profit, and who have business backbone, experience and acumen that will add a whole new dimension to its operations.

Abe’s Garden, a Tennessee not-for-profit corporation, purchased and assumed ownership of Park Manor on January 15, 2008, with the intent to build on and enhance its services to the community.

“We are dedicated to maintaining the legacy and ambiance the residents of Park Manor have come to appreciate,” said Michael D. Shmerling, chairman of Abe’s Garden.

Abe’s Garden was founded with a $1 million gift from Mr. Shmerling in memory of his father who died of Alzheimer’s disease and for the purpose of creating a place for those with Alzheimer’s as well as a community for people to age in place.

“By purchasing Park Manor, Abe’s Garden is able to fulfill the first phase of aging in place,” said Mr. Shmerling. “So with the not-for-profit established and Park Manor purchased, we are able to begin facilitating this dream.”

He further noted that continuing and expanding Park Manor’s mission requires a combination of skills and expertise. So, the 14-member board of Abe’s Garden brought together the experienced management teams of Blakeford Management Services, Inc. and Xebec Management, Inc. (XMi) as “partners.”  Both companies are offering their management services for no fee.

Shmerling, a fourth generation Nashville native who appreciates the vision and legacy of Park Manor and its founders, was one of the main people and a driving force behind this purchase as well as the alignment of its partners.

“The partnership we created is a powerful combination,” said Shmerling. “Jointly, we are offering capital, planning and administrative capabilities as well as the skills in senior services and non-profit management to secure the future of Park Manor for its current and future residents. Our companies feel the Abe’s Garden concept is important to this community and that is why we are vested in this effort.”

Establishment of Blakeford XMi Senior Living

The Partners, XMi, a 22-year-old Nashville-based management company, and Blakeford Management Services, Inc., a nonprofit, Nashville-based provider of senior housing and healthcare management services, will jointly manage Park Manor in a newly-formed entity known as Blakeford XMi Senior Living, LLC. Together, they are responsible for operating Park Manor and assuring a high level of satisfaction from the residents.

Blakeford XMi Senior Living, LLC, a senior care management company, is equally owned by Blakeford Management Services, Inc. and XMi, and is comprised of a six-member board.

Collectively, these entities have over 50 years of experience in successfully operating facilities and employ over 250 local staff, including registered nurses, dieticians, managers and administrators as well as certified public accountants, fundraising and marketing professionals. They have experience in: operational management of senior housing, including: facility operations, food service, housekeeping, transportation, and laundry; certified financial & accounting management; marketing & communications management to senior adults and their families; legal and regulatory expertise; real estate development & property management; and all levels of skilled nursing & rehabilitation.

“As partners, we are dedicated to providing seniors with dignity, independence and a sense of security,” said Van Cluck, chief financial officer and chief operating officer of Blakeford, Inc. who will also serve as president of the newly formed Blakeford XMi Senior Living, LLC.

“The Blakeford seeks to be the premier provider of solutions for senior adults facing lifestyle transitions. The Blakeford Board saw the partnership with XMi as an opportunity to act upon that vision by helping to provide the community with another quality solution to senior housing and heathcare needs.”

What is Abe’s Garden?

For the last two years, Mr. Shmerling has been involved in an effort to establish an Alzheimer’s and adult care community in Nashville called Abe’s Garden. This effort grew as a result of his first-hand experience and observation that, “our city could do far better than it has in regard to medical facilities and care for those struggling with Alzheimer’s and dementia-related diseases,” he said. He and his family watched, virtually helplessly, as their late father, Abram C. Shmerling, M.D., suffered over 11 years with Alzheimer’s disease. He passed away in 2006.

When Park Manor became available for sale, Mr. Shmerling recognized that Park Manor might be the perfect location for a community dedicated to the highest level of senior care. Hence, he pursued the purchase of Park Manor.

Mr. Shmerling said that the acquisition of Park Manor is a natural first step in the establishment of Abe’s Garden, allowing it to immediately enter the senior care services industry by providing independent living for retirees.

The grandeur vision of the board of Abe’s Garden is to expand the Park Manor campus among its 7.41 acres of land to include a master planned community that offers a full continuum of treatment and care throughout all stages of Alzheimer’s and dementia-related diseases. Then, all phases of senior living will be located in one community: independent living, assisted living, skilled nursing, and memory care services. The enhancement plan calls for repurposing the existing structure as well as new construction.

A $10 -$15 million capital campaign is planned to fund Abe’s Garden, said Mr. Shmerling, where Park Manor will later be referred to as “Abe’s Garden at Park Manor.” While Abe’s Garden is registered in the state of Tennessee as a not-for-profit corporation, it is also seeking approval from the Internal Revenue Service of its tax exemption status to be able to launch fund-raising initiatives.

“When Park Manor was established in 1962, it was at the forefront of the new concept known as independent senior living,” said Mr. Shmerling. “Our board’s goal is for Abe’s Garden to build upon Park Manor’s legacy while adding a state-of-the art facility and program focused on Alzheimer’s and dementia to the campus.”

Blakeford Offers Access to Higher Levels of Care

For over a decade, The Blakeford at Green Hills, Inc. has been recognized in Nashville as a quality nonprofit provider for senior housing and healthcare services. It offers a full continuum of care for residents: independent living, assisted living, healthcare and dementia care. Over the years, Park Manor residents have moved to The Blakeford as their healthcare needs changed and advanced beyond the services offered at Park Manor.

XMi and Abe’s Garden’s partnership with Blakeford means that Park Manor residents will have even greater access to higher levels of care offered at The Blakeford’s Burton Hills campus, should they ever be needed, including options of a rental or life care housing plan, noted Cluck. “The Blakeford has continued to grow as Nashville has grown. We are excited about the opportunity to work in partnership with Abe’s Garden to bring an even greater future to the residents of Park Manor.”

Why Was Park Manor Sold?

Park Manor, built 45 years ago, was put up for sale in 2007 after losing its tax exemption for property taxes. Its board realized that it would cost more money than the nonprofit corporation could afford to expand into other services such as assisted-living and nursing home care, said Melinda Sanders, past chairwoman of Park Manor.
So its board decided to seek a more experienced operator in their arduous quest to identify a purchaser.

“Seeking out more experienced operators is not unique in the senior housing industry,” said Cluck. “Senior living communities across the country are considering consolidation or mergers as the answer to their future economic viability. Aging facilities, limited access to financial capital and the challenge of retaining industry-specific, professionally employed leadership are all factors that senior living boards address, including the past board of Park Manor,” added Blakeford’s CFO/COO.

“Abe’s Garden commends Park Manor, its board of directors and staff for successfully executing its mission throughout its 45-year history,” said Mr. Shmerling, a certified public accountant (CPA inactive), entrepreneur and philanthropist. “We also believe that Park Manor’s important mission can be continued and expanded upon well into the future. We intend to grow the community that has been known as Park Manor and extend its mission in far reaching and community enhancing ways.”

The 128-unit apartment complex is located near Belle Meade on Woodmont Blvd. In a deal worth more than $12 million, XMi Commercial Real Estate represented the buyer and CB Richard Ellis, Inc., the seller.

ABOUT BLAKEFORD DEVELOPMENT SERVICES, INC.

For over a decade, Blakeford at Green Hills, Inc. (www.blakeford.com) has been recognized in Nashville as a quality nonprofit provider for senior housing and healthcare services. It offers a full continuum of care for residents; independent living, assisted living, healthcare and dementia care.  Over the years, many Park Manor residents have moved to The Blakeford as the need for healthcare or assisted living services were required.  For the past six years, Van Cluck, a former staff member at Park Manor, has served as Chief Operating Officer and Chief Financial Officer at The Blakeford.  There are other similarities between Park Manor and Blakeford as well; those primarily being its mission and dedication to provide senior adults with dignity, independence and a sense of security.

Over the past few years, Blakeford management has been sought out by other senior care providers to develop recommendations for operational, financial or strategic initiatives.  Most recently, Blakeford has been selected as the Developer and Manager of a new $92 million continuing care retirement community in Franklin, Tenn. With this latest opportunity occurring, Blakeford added a new entity, Blakeford Development Services, Inc., to solely focus on new business development opportunities that benefit seniors in the greater Nashville area.

Blakeford strongly feels that it understands the Nashville senior resident or customer. Presently, it successfully blends hospitality, healthcare and financial management that creates a community seniors enjoy daily. 

The alignment of Park Manor and Blakeford as a team is mutually beneficial.  Park Manor residents now has immediate access to higher levels of care while Blakeford is able to offer prospective residents an option of a rental or life care housing plan.

Blakeford employs a staff of over 150 who focus daily on serving seniors.  It brings this talent to Park Manor and expands the present offering of this remarkable facility.

ABOUT XMI & ITS RELATED SUBSIDIARIES

XMi was founded by Michael D. Shmerling, a fourth generation Nashvillian, businessman and philanthropist. XMi (www.xmi.us.com) is a Nashville-based management company with total revenues in excess of $20 million annually. As a locally-owned, diversified company, XMi employs local and experienced talent for its professional management team, which currently totals 50.

With a 22-year track record of providing management and related services, XMi offers a diversified array of business management outsourcing and entrepreneurial support to organizations, governments and businesses.

XMi specializes in the management of companies, associations, and other organizations, and is recognized for its outsourcing practice expertise, experienced professional staff, and shared resources. XMi’s products and services are primarily used by business owners and executives to improve their companies’ management efficiencies and effectiveness so they can focus on their core business competencies.

XMi is comprised of several distinct companies and divisions that specialize in outsourcing within the following management areas, each of which are valuable resources that are being utilized in the operations and future development of Park Manor:

• Healthcare Management
• Not-for-Profit Facility Management
• Executive Management
• Human Resources Management
• Finance & Accounting Management
• Information Technology Management
• Marketing & Communications Management
• Group Benefits Management
• Professional Employer Organization Management
• Payroll Processing Management
• Purchasing & Supply Chain Management
• Association & Board Management
• Commercial Real Estate Brokerage Management
• Property Management
• Capital Financing & Leasing Management
• Strategic Capital Transactions Management