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News


08/19/2017

Heartland Senior Living, a local non-profit community
corporation, has agreed to purchase three southern Minnesota senior care providers from current owner
ElderCare of Minnesota. Parker Oaks Retirement Community in Winnebago, Parkview Care Center in Wells
and Truman Senior Living in Truman are included in the agreement. The final purchase agreement was
signed yesterday. Heartland Rural Services, LLC will continue to provide management services at all three
locations.
Heartland Senior Living has been working on the acquisition since its inception in 2014. The organization
received financing approval from the United States Department of Agriculture (USDA) last week, allowing
the acquisition to move forward. The loan is funded through a combination of a USDA Direct Loan and a
USDA Guaranteed Loan through Profinium, Inc. of Truman. The sale is expected to close in the fourth
quarter of this year. Heartland Senior Living has immediate plans for renovations at all three locations with
new construction to follow.
The three facilities currently employ 179 area workers and are licensed to provide housing and various levels
of care services to 164 residents.
According to Patrick Rafferty, Heartland Rural Services President and CEO, there was broad-based support
from the community, the local board of directors and government representatives, including Congressman
Tim Walz and Senators Al Franken and Amy Klobuchar.
“This is an exciting opportunity to return the facilities to community control, and ensure that they will
continue to thrive and provide housing options and quality, compassionate care for our local seniors,”
Rafferty said. “The patience shown by all during the lengthy process of establishing a new ownership
organization and receiving the necessary approvals was greatly appreciated.”
Heartland Senior Living was established to be the umbrella organization for Parker Oaks Retirement
Community, Parkview Care Center and Truman Senior Living. A nine-member board representing the three
communities governs it. Heartland Rural Services is a management consulting firm specializing in the senior
care industry. It has been operating the three facilities under a management agreement with current
ownership for the past year.
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