NASHVILLE, Tenn.--(BUSINESS WIRE)--Healthcare Management Partners, LLC (HMP) successfully executed its role as receiver for River Highlands, an assisted living facility located in Hoover, Ala. HMP controlled and administered the facility following its appointment as receiver by the Jefferson County Court Circuit on January 9, 2019. Before the execution of a stalking horse auction (a beneficial approach regularly utilized by HMP in its receivership role), River Highlands’ borrower was able to obtain additional financing and paid off the bonds and expenses of the receivership in full. With this successful result, HMP’s receivership was completed on October 4th, 2019.
“The receivership process again has paid off for investors, residents and communities,” said Derek Pierce, managing director at HMP who served as the receiver of the facility. “As receiver, we believe we were able to strengthen the operations, management and care at River Highlands, providing stability while the borrower sought to secure additional financing. This is a great long-term result for stakeholders.”
HMP, working with partners at the Waller law firm, has now successfully completed the receivership process for 14 assisted living facilities in four different states over the last two years. This has typically resulted in improved operations at the facilities and asset sales utilizing a stalking horse process, which has been a catalyst for quickly and effectively returning funds to investors.
“Acting as receiver, we believe we have carefully developed a formula that improves outcomes for investors while appropriately improving operations at facilities,” added Pierce.