An innovative care model
Silverado Senior Living is nationally recognized as the leader in caring for the memory impaired. The company comprises 23 memory care communities serving over 1,500 people in six states: Arizona, California, Illinois, Texas, Utah and Washington. Silverado also offers a continuum of care from home health to hospice services.
Silverado’s philosophy is based on a social-model setting with innovative resident programming, including cooking, gardening and woodworking clubs, pet therapy, intergenerational programs and a broad range of other activities that promote cognitive stimulation and the reduction or elimination of medications and restraints. This approach has influenced seniors housing providers nationwide and earned numerous awards for Silverado’s communities.
A need in the market
Currently, there is a need in the market to care for the increasing numbers of memory-impaired seniors. Those suffering from Alzheimer’s disease are underserved and often misunderstood. Silverado Senior Living is committed to address this growing need for memory care by expanding its services. To fuel this growth, Silverado needed a long-term capital partner. It considered a public offering among other sources of funding. In the end, Health Care REIT was selected for the partnership because of the trust established over the years and the smart, creative solutions it provides.
“It’s more than just money”
In 1996, Silverado’s management team, led by Loren Shook, Co-Founder, President, Chief Executive Officer and Chairman, sought a financial partner to establish a line of credit. This began a relationship with George Chapman, Health Care REIT’s Chairman, Chief Executive Officer and President, and Mike Stephen, Senior Vice President – Marketing. Health Care REIT saw great promise in Silverado’s business model and decided to make an investment. A long-term relationship based on trust and understanding was established.
Loren Shook puts the partnership in perspective: “Health Care REIT has so many connections in the industry and strategic advantages that go beyond money … way beyond the simple thought that ‘it’s money,’ because there is trust and understanding.”
“Health Care REIT gave us the power to have a financial balance sheet with no debt, and a financial partner who can fund any transaction to help us realize our plans.”
Co-Founder, President, Chief Executive Officer and Chairman,
Silverado Senior Living