Smith/Packett Med-Com, LLC (“Smith/Packett”) is the premier provider of integrated market place solutions serving the senior housing development and care services industry. Celebrating over 30 years of quality service, Smith/Packett has developed or acquired more than 150 senior health and housing facilities with an aggregate value in excess of $1.5 billion.
Over the last four years, Smith/Packett has managed more than $100 million annually in new construction, senior housing and related healthcare projects, making it one of the largest senior housing and care development companies in the country. Projects include senior housing and healthcare communities, active adult housing, independent living, assisted living, nursing homes, medical/office buildings, and mixed use facilities. In 2012 alone, Smith/Packett managed 14 construction projects and closed over $200 million in various transactions and financings.
The Company’s success in developing, acquiring, managing, and re-purposing senior living facilities, and its record for delivering consistently attractive investment returns for its funds, has resulted in a long, remarkable market performance that rivals leading private investment management firms. In the past four years alone, Smith/Packett had developed 43 senior living facilities, having an aggregate value of $412 million in the eastern United States.
During the past six years, Smith/Packett has managed six funds that have included 44 senior living facilities, having an aggregate value of $376 million. These funds have delivered an average annual return of 32% to its investors, making a Smith/Packett fund investment a preferred investment for many.
The Smith/Packett team specializes in providing an integrated solution for the design, development, financing, marketing, strategic planning and the operation of senior living and care facilities. Smith/Packett’s specialities span four principal core competencies:
Experience and Expertise
Smith/Packett has been successful working with leading lenders in refinancing several Smith/Packett managed healthcare assets with agency debt. Year to date, Smith/Packett has obtained over $50 million in debt financing from the agencies: Fannie Mae, Freddie Mac, and HUD. Several additional assets are in the process of being financed through these permanent financing solutions.
Transitioning construction loans to permanent financing through agency debt provides Smith/Packett’s investors with a number of advantages. Not only do the agency loans offer fixed rates near all-time lows, but they also provide longer terms without the expenses and contingencies associated with construction debt. Smith/Packett continues to pursue agency financings in pursuit of lower interest rates, lower risk, and higher yields for their investors.
Smith/Packett offers a unique perspective and a clear competitive advantage when it comes to the valuation, development, acquisition, financing, and divestiture of senior care facilities due to its ownership and deep understanding of the industry based on its interest in over 30 senior care facilities, active investment in numerous senior care projects, and previous ownership of four operating companies.
In addition, Smith/Packett’s sizable database of facility performance information ensures that first-hand knowledge of the operational, regulatory, reimbursement, and expense realities of each sector in the industry.
Smith/Packett’s services and expertise cover the following:
- Equity and Debt Financing
- Strategic Healthcare and Certificate of Need Planning
- Construction Management
- Geographic Concentration and Local Market Knowledge
- Representation for Acquisitions and Divestitures
- Building Design and Value Engineering
- Site Evaluations and Facility Valuations
- Market and Financial Feasibility Studies
- Securing Site Entitlements and Project Development
The Company Story
Smith/Packett was founded in 1982 by James R.”Jim” Smith as a development and Certificate of Need consulting firm. By 1986, Mr. Smith had formed various partnerships and developed nursing homes throughout Virginia, Florida and the Carolinas. These partnerships included senior housing and care services communities, active adult housing, independent living, assisted living, nursing homes, medical/office buildings, and mixed use facilities.
Smith/Packett has been consistently successful because it provides high quality, affordable long term care solutions to senior living and care communities, providers, and operators. This success is attributable to Smith/Packett’s commitment to work closely with local community leaders, hospitals, civic groups, and families to provide quality care compatible with all sources of income and reimbursement systems.