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Legacy to sell Preston Hollow property

Posted on 31 March 2016 by admin

File photo Cornerstone Healthcare Group Holding, Inc., will take ownership of The Legacy Preston Hollow on April 1.

By Ben Tinsley
bent@tjpnews.com

On April 1, ownership of The Legacy Preston Hollow senior living residence will officially transfer from The Legacy Senior Communities of Plano to Cornerstone Healthcare Group Holding, Inc. of Dallas.
The proceeds from this particular sale will help The Legacy Senior Communities pay for the construction of The Legacy Midtown Park in Dallas — a planned state-of-the-art Jewish-sponsored and continuing care rental retirement community.
Steve and Carol Aaron loaned The Legacy Senior Communities the additional $7.2 million they needed to acquire the 10-acre parcel of land necessary to create The Legacy Midtown Park — which is expected to open in 2019.
Jerry Rasansky, chair of the board of directors of The Legacy Preston Hollow, said in an issued statement that Cornerstone understands the value of Jewish customs.
“The decision to sell was based on expert advice that a sale will allow the company to maximize the value of The Legacy Preston Hollow,” he added.
“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,” Rasansky said.
Subsequently, Cornerstone is willing to work with The Legacy Senior Communities so residents can receive the same Jewish programming and services at The Legacy Senior Communities’ expense — and with the continued financial support of The Jewish Federation of Greater Dallas, Rasansky added.
Cornerstone has signed a letter of understanding that stipulates Jewish programming will continue to be offered at The Legacy Preston Hollow, officials said.
Other Jewish amenities — such as Shabbat and High Holiday services, rabbi visits, Jewish programming and charitable services to Jewish residents — will also still be available at the facility after the sale.
The offer from Cornerstone to buy The Legacy Preston Hollow was thoroughly reviewed before it was unanimously accepted, explained Michael Ellentuck, president and CEO of The Legacy Senior Communities.
That decision came only after extensive evaluation and research. Several other offers also were considered, Ellentuck said.
“Cornerstone Healthcare Group has a strong reputation and is an experienced provider of quality services in the healthcare industry,” Ellentuck said. “The company will bring additional specialized nursing and medical services to the residents.”
Marc R. Stanley, chair of the board of trustees of The Legacy Senior Communities, said Cornerstone Healthcare Group has shared with them their plans to use The Legacy Preston Hollow as its model facility — mirroring their focus on quality care.
“We recognize our responsibility to the residents and families we serve at The Legacy Preston Hollow, as well as to our employees,” Stanley said. “We are committed to making the transition as seamless as possible.” The decision to sell the property was made after it was determined the Preston Hollow campus lacks the capacity for expansion to add rental independent living units and memory care, officials said.
The Legacy Senior Communities is a nonprofit charitable organization created to serve the Jewish elderly in 1953. It is the parent company of The Legacy Willow Bend and The Legacy at Home.

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