The Legacy Senior Communities Makes Major Announcement and Shares Vision for the Future
Marc R. Stanley, Chair of the Board of Trustees of The Legacy Senior Communities
After considerable research and evaluation, the lay and professional leadership concluded that the Preston Hollow campus lacks the capacity for expansion to add memory care and rental independent living units and decided to market the property. After considering several offers, the Board of Directors of The Legacy Preston Hollow and the Board of Trustees of The Legacy Senior Communities voted unanimously to sell The Legacy Preston Hollow to Dallas-based Cornerstone Healthcare Group Holding, Inc., effective April 1, 2016.
"It was critical to find a buyer who understands the value of our Jewish customs and who would allow us to continue providing those traditions to the residents. Cornerstone Healthcare Group is willing to work with us, and the residents will still enjoy Shabbat and holiday services, kosher food, charitable care and Jewish programming, all at our expense and with the continued support of The Jewish Federation of Greater Dallas," said Jerry Rasansky, chair of the Board of Directors of The Legacy Preston Hollow. "The decision to sell was based on expert advice that a sale will allow us to maximize the value of The Legacy Preston Hollow."
"Our vision is to create a Jewish-sponsored rental retirement community in Dallas with all levels of care similar to those offered at The Legacy Willow Bend in Plano,"
"Cornerstone Healthcare Group has a strong reputation as an experienced provider of quality services in the healthcare industry," said Michael Ellentuck, president and CEO of The Legacy Senior Communities. "The company will bring additional specialized nursing and medical services to the residents."
The Legacy Senior Communities recently held a series of meetings with family members, residents and employees to discuss the sale process and the change in ownership.
"Cornerstone Healthcare Group has shared with us its plans to use The Legacy Preston Hollow as its model facility as it continues to grow in the nursing home business and mirror our focus on quality of care," said Marc R. Stanley, chair of the Board of Trustees of The Legacy Senior Communities. "We recognize our responsibility to the residents and families we serve at The Legacy Preston Hollow, as well as to our employees. We are committed to making the transition as seamless as possible."
The Legacy Senior Communities will use the proceeds from the sale to continue its mission to serve Jewish seniors by building a state-of-the-art Jewish-sponsored rental retirement community in Dallas that will provide a full continuum of care, including independent living, assisted living, memory care and healthcare services. In 2014, the organization's leadership identified a 10-acre parcel of land for this purpose, and Steve and Carol Aaron graciously made a $7.2 million loan to the organization to facilitate the purchase of the site that will become the home of this new community, The Legacy Midtown Park.
"Our vision is to create a Jewish-sponsored rental retirement community in Dallas with all levels of care similar to those offered at The Legacy Willow Bend in Plano," said Carol Aaron, chair of the Board of Directors of The Legacy Midtown Park. "It is our duty to look ahead and ensure that our Jewish community has premier senior housing and healthcare services for many years to come."
The Legacy Preston Hollow Questions and Answers
Why are we selling The Legacy Preston Hollow?
- The Legacy Preston Hollow does not offer memory care and rental independent living services – effectively denying this important care to far too many Jewish seniors.
- We evaluated the possibility of expanding the campus to meet these needs, but concluded that the campus lacks the capacity for expansion.
Why sell now and not wait until the new project is open?
- Independent advisors opined that this is the best time to maximize the value of the facility (since the senior living and real estate market values are at their height and many new facilities are under construction), and we identified a buyer who has the experience and track record to serve our residents.
- It was critical to find a buyer who understands the value of our Jewish customs and who would allow us to continue providing those traditions to our residents.
Jewish customs and traditions:
- We have signed a letter of understanding with the buyer, Cornerstone, whereby our organization will be allowed to continue to offer Jewish programing at The Legacy Preston Hollow.
- With the Cornerstone agreement and our financial support from The Jewish Federation of Greater Dallas, we will continue to offer Shabbat and High Holiday services, Rabbi Wolk visits, Jewish programing and charitable services to Jewish residents.
- Currently Cornerstone will continue to provide services to our Jewish Medicaid residents. We are also licensing 6 beds at The Legacy Willow Bend for future use if necessary. If Cornerstone reduces or eliminates the Medicaid beds in the future, The Legacy will work with Jewish seniors and their families to find placement at either The LegacyWillow Bend or other facilities.
- Cornerstone has hired all of our current staff.
- Our current volunteer program will be terminated with the sale date of April 1st. Any individual or organization that wishes to continue to volunteer should contact Cornerstone directly.
Will UTSW physician training program continue:
- That decision will be up to UTSW. No decision has been made at this time.
- At this time we are not aware of any requirement for residents to change their physicians. Dr. Fleschler will no longer serve as medical director.
- Resident programing will continue to be offered. The lift bus will be Cornerstone's asset and transportation and outings will continue.
- While we are unaware of any planned changes, rate changes will be the responsibility of the new owner.
- The Federation has informally indicated that it will continue to partner with The Legacy to fund Jewish programs and services. Marc Stanley and Michael Ellentuck are meeting with Federation leadership to formalize this understanding.
When will The Legacy Midtown Park open?
- The Legacy Midtown Park is projected to open in less than 3 years.
Will current Jewish residents have priority admission to The Legacy Midtown Park?
- Current Jewish residents, as of the sale date, will have priority for admission subject to our ability to meet their needs.