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Abe’s Garden plans to purchase Park Manor

Local not-for-profit will continue to operate Park Manor as an independent senior living facility

NASHVILLE, TENN. (December 31, 2007)— Abe’s Garden, a local not-for-profit organization, plans to purchase Park Manor and continue operating the facility as an independent senior living center.

Located near Belle Meade on Woodmont Boulevard, Park Manor was Nashville’s first independent senior living facility when it was established in 1962. It is a not-for-profit organization operated by a volunteer board of directors.

“We are elated to have found a buyer who plans to continue Park Manor’s legacy of high quality senior housing and care,” said Melinda Sanders, chair of the Park Manor board of directors.

Abe’s Garden is chaired by Mike Shmerling, a native Nashvillian who is a CPA (inactive), businessman and philanthropist.

“When Park Manor was established in 1962, it was at the forefront of the new concept known as independent senior living,” said Shmerling.

“Our goal is for Abe’s Garden to build upon Park Manor’s legacy while adding a world class facility and program focused on Alzheimer’s and dementia to the campus.”

Sanders and Shmerling today announced that the organizations have signed a purchase and sale agreement that would allow Abe’s Garden to assume ownership of Park Manor in mid-January 2008.

Sanders added. “Our process of finding a new buyer was very deliberate and focused on finding an entity that is dedicated to high quality care for the elderly. Abe’s Garden has demonstrated that it has the resources and expertise to enhance Park Manor and allow the facility to meet the changing needs of the senior market.”

For Shmerling, the acquisition of Park Manor is a natural first step in the establishment of Abe’s Garden, allowing the not-for-profit organization to immediately enter into the senior care services industry and create an Alzheimer’s facility on the same site. Abe’s Garden was named in memory of Shmerling’s father, a Nashville physician who after practicing medicine 45 years was diagnosed with the disease and passed away in 2006.

Shmerling said, “From our very first meeting with the Park Manor Board, it was clear their top priority was caring for the existing residents. We are proud to have the opportunity to continue the legacy and build on the outstanding reputation earned over the past 40-plus years.”

The effect of the sale on current residents will be minimal and all existing leases will be honored, according to both Sanders and Shmerling. In addition, the facility will now resume leasing activities that had been on hold during the process of identifying a buyer.

“Residents truly love living in Park Manor, and we know they and their families will be joyful that it will remain an independent living facility,” Sanders said.

About Park Manor Apartments

Park Manor Apartments, Inc., a not-for-profit corporation managed by a volunteer board of directors, provides accommodations and meals in an independent living setting for approximately 126 residents.

The 170,000 square foot facility was built in 1962. It is located on approximately eight acres off Woodmont Boulevard and includes 120 apartments.