Kandu Capital, LLC and Its Operating Company, Bloom Senior Living, Sell Two South Carolina Assisted Living Communities to Focus Exclusively on Premier Independent Living, Independent Living Plus & Memory Care Community in Bluffton, South Carolina
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PRESS RELEASE FOR IMMEDIATE RELEASE
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Birmingham, Michigan (May 20, 2021) - Kandu Capital, LLC and its operating company, Bloom Senior Living, announced today that it divested two South Carolina Assisted Living communities, Bloom at Hilton Head and Bloom at Bluffton, to focus exclusively on their premiere Independent Living, Independent Living Plus and Memory Care community, Bloom at Belfair, in Bluffton, South Carolina.
Inspired after the Bloom owners experienced the challenge of finding the right home for their grandmother when she needed senior care, they acquired Bloom at Belfair (f/k/a Riverside at Belfair) in January 2010. The transaction was significant for the family-owned company since it would: (1) become the first community under the new Bloom Senior Living brand focused on seniors housing instead of the family’s 50-year legacy skilled nursing and mental health business, (2) serve as a model to carry out Bloom’s aspirational mission of creating an environment where residents don’t just live and feel safe -- they bloom, (3) provide Bloom with the opportunity to build, and subsequently programmatically develop, a state-of-the-art Memory Care program with the owners’ grandmother in mind, and (4) allow Bloom to participate in the anticipated fast growing Bluffton market. Accordingly, Bloom at Belfair has been, and will continue to be, an instrumental component of Bloom’s portfolio.
Specifically, since acquiring Bloom at Belfair more than one decade ago, Bloom: (1) turned the community into a continuum of care campus adding Independent Living Plus to complement the Independent Living program, as well as, a two phase, state-of-the art Memory Care program (making it the most innovative and largest Alzheimer’s and dementia program in South Carolina), (2) recruited a nationally recognized management team sharing Bloom's high standards, values and passion, (3) rebranded and reprogrammed operations to be consistent with Bloom's brand and culture, (4) incorporated Bloom's Five Star Customer Service Experience, Five Star Dining Program and signature Life Enrichment Program, and those hundreds of personal touches that make its family communities so special, (5) committed significant resources designed to enhance the residents’ lives and make the Bloom community an even better home, (6) achieved high resident and family satisfaction, (7) implemented an affordable, fixed-rate and all-inclusive pricing structure that’s simple and predictable while maintaining quality of care and service (due to Bloom’s unique family structure), (8) beat a global pandemic by keeping the residents physically safe and emotionally blooming, and (9) expanded Bloom at Belfair’s innovative Memory Care program to its other Bloom communities throughout the nation.
Thus, Bloom at Belfair has been the Bloom template for offering a modern, lifestyle approach to healthcare that caters to the needs of each individual and ensures residents continue living full lives, by enjoying their favorite activities while discovering new ones, and blooming into their best selves through learning, growth and discovery. Bloom at Belfair helped define the Bloom mission, which is simple yet aspirational: to help its residents flourish.
“While Bloom at Bluffton and Bloom at Hilton Head (whose names will be changed under new ownership) are wonderful Assisted Living communities and have been a positive addition to the Bloom portfolio since we acquired them from Brookdale Senior Living in 2013, our family has decided to exclusively focus all of our innovation, energy, time and resources into making Bloom’s first community, Bloom at Belfair, the provider of choice in the Bluffton and Hilton Head market” reports Scott Kantor, Bloom’s Director of Operations. Bloom has a well-defined plan to ensure that Bloom at Belfair continues to build upon Bloom’s stellar reputation in the Lowcountry and operate consistently with its unique family story and operating style, mission, Bloom Beliefs, culture and brand. Mr. Kantor noted "we've always worked as hard as possible -- with the residents' best interest in mind and consistent with our Bloom Beliefs -- to provide the type of care and services our Bloom families deserve. In addition to caring for our seniors, we've been through a lot together -- a global pandemic, hurricanes and other important events and milestones, so we've earned local credibility and forged personal connections with many in the market. Everyone saw how we handled (and communicated through) COVID-19, which tells a lot about how we are as a company." He added, “but more than just reputation, our company is laser focused on Belfair's Independent Living program (promoting resident independence), our Independent Living Plus program (providing additional services and a more affordable alternative to Assisted Living) and our unique care by design Memory Care program, which we developed and perfected from scratch."
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In that vein, anyone who walks into Bloom at Belfair’s Memory Care can’t help but notice the intimate neighborhood setting of private suites, each with a full bath, centered around an innovative “Town Square” with working life skill shops that encourage socialization and family involvement. Vintage and nostalgic items displayed throughout recreate the feeling of living on Main Street America in the 1940’s designed to bring back long-term memories and ensure residents relate to familiar settings from their yesteryear.
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"There is nothing like this unique program in the state of South Carolina, or the United States for that matter," reports Bloom.
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Bradley Dubin, Bloom’s Director of Acquisitions, states “while our company is long-term focused and rarely divests assets, it’s not uncommon for our family to make strategic changes if we see an opportunity. Just as we saw a path to shift our family’s focus from skilled nursing/mental health to seniors housing in 2010, we see a similar opportunity -- in the Bluffton/Hilton Head market specifically -- to focus on a single community, Bloom at Belfair in particular and the lifestyle options of Independent Living, Independent Living Plus and Memory Care offered by Belfair."
Mr. Dubin added, “with South Carolina continuing to be one of the fastest growing states and Bluffton continuing to be one of the fastest growing municipalities in South Carolina, we remain deeply committed to the growing and stable Bluffton market, which benefits from strong demographics and an increasing demand for the type of high quality care our prized Bloom at Belfair community offers.” Mr. Dubin also remarked "as the largest provider of a continuum of care and services in the Bluffton and Hilton Head market over the last 12 years, we know the market and the families intimately and have a good gauge of what they're looking for as we head into the future. We look forward to continuing to offer high quality care, in a cost effective way, throughout Bluffton/Hilton Head at Bloom at Belfair. While we’ll dearly miss serving our Bloom at Bluffton and Bloom at Hilton Head residents, this is the right decision, at the right time, for our company as we plan for the future of senior care in the Lowcountry."
The communities were sold for $12,250,000. Mr. Dubin noted "after paying off a nominal $2,000,000+ mortgage, which is consistent with our family's 50-year conservative approach of having little leverage (and no outside partners or investors), Bloom continues to build a strong balance sheet -- with abundant liquidity -- that will be redeployed into its communities, its people and its systems in order to continue building a company for the future consistent with its mission of being able to help seniors bloom by affording to live longer, better."
This was an intentionally strategic transaction for Bloom, which was not made lightly nor necessitated by any pressure. The company is excited to focus exclusively on its 129-unit Bloom at Belfair property in South Carolina, and continue making it the best community in the market.
The local Belfair leadership (and culture), under Emily Schafer's direction, has never been stronger. With COVID-19 behind it, the Belfair community has fully and safely reopened. The residents are back to enjoying community life and dining with friends, Belfair's new life enrichment program and center, indoor and outdoor visitation, outings, and so much more! Now that vaccine clinics have been completed and 95% of the residents are vaccinated, Belfair lifted all remaining restrictions, including mask wearing and restricting indoor visitation to certain designated areas. The community is not only fully open, but safe with zero cases of COVID-19. The community continues to welcome more and more new residents and families since reopening and the Belfair residents are enjoying their new friends and socialization once again!
Alex Vice, of Walker Dunlop, represented the seller on the transaction.
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Press Contact:
Bradley Dubin
Principal, Kandu Capital, LLC & Bloom Senior Living
Bdubin@kanducapital.com
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Read More On The Bloom Senior Living and Bloom at Belfair Websites!
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Bloom Senior Living is a family-owned and operated company.
For nearly 50 years, our goal has been simple yet aspirational: to help our residents flourish. Entering a Bloom community does not mean checking your lifestyle or personality at the door. Residents continue to live life to its fullest potential, enjoying their favorite activities while discovering new ones, and blooming into their best selves through growth and discovery. Our family-owned and operated communities provide a continuum of senior living services, concentrating on independent living, assisted living and memory care. For more information, please see:
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Bloom at Belfair | Independent Living and Memory Care |...
Bloom at Belfair is a family-owned and operated independent living, independent living plus and memory care establishment. Since 1965, our goal has been simple yet aspirational: to help our residents flourish. Entering a Bloom community does not...
Read more
www.bloomatbelfair.com
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Bloom Senior Living | Independent Living, Assisted...
Bloom Senior Living is a family-owned and operated company. For nearly 50 years, our goal has been simple yet aspirational: to help our residents flourish. Entering a Bloom community does not mean checking your lifestyle or personality at the door.
Read more
www.bloomseniorliving.com
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