Senior dwelling non-public fairness agency Impressed Healthcare Capital (IHC) is winding down Volante Senior Residing, the senior dwelling working firm it launched in 2023.
On Thursday, Senior Housing Information discovered that Volante Senior Residing CEO Jeff Fischer had left his put up because the operator’s prime chief.
In the future later, the corporate mentioned it’s making the “tough however mandatory” option to “wind down Volante and transition its contracts to well-established third-party operators,” based on a press release issued to SHN on Friday afternoon.
“This can be a transfer that we count on will strengthen our monetary place and maximize worth for our buyers, with out sacrificing high quality of service in our communities,” an IHC spokesperson mentioned. “With this motion behind us, we imagine IHC has the proper group and the proper groups in place going ahead.”
Volante Senior Residing was the working platform launched by IHC to handle over 20 senior dwelling properties spanning Oregon to Florida.
A few month in the past, a former IHC actual property growth supervisor posted on LinkedIn that the corporate was present process a “restructuring.”
On Friday, SHN spoke with a former IHC worker who additionally shared that an organization restructure was underway.
An investor with IHC, Tom Cook dinner, informed SHN on Friday that he was notified that IHC was “suspending all distributions” to buyers, whereas additionally noting that IHC’s workplace in Scottsdale, Arizona has been “closed, locked and all furnishings [was] eliminated.”
IHC isn’t the one firm pressured to jettison a senior dwelling platform on account of market difficulties. Actual property developer CA Ventures ran into monetary bother in 2023, prompting it to wind down Anthology Senior Residing. Earlier this 12 months, a brand new operator rose from the ashes of Anthology, Longevity Senior Residing.
