The Diakonos Group LLC, specializes in the redevelopment of underperforming facilities. The company currently owns and operates five skilled nursing homes, six assisted living communities, an independent living community, and five smaller intermediate care facilities for adults with developmental disabilities. The Diakonos Group is so committed to service that its company name literally means “servant” in Greek. The company, through its Senior Health Strategies division, also provides counseling services to other unaffiliated long term care providers. Scott Pilgrim, CEO of Diakonos, says that “our secret sauce is that we want everyone in the business to be successful. Our approach to the senior care business is cooperative, not competitive. It’s a strategy that has worked very well for us.”
Recently, Diakonos was looking to refinance four of its newly acquired senior care properties (two skilled nursing and two assisted/independent living communities). Pilgrim says that it considered the possibility of using other lenders, but Cambridge was the best fit. The company purchased the senior care properties in 2013 and was able to turn them around quickly. Most lenders were reluctant to refinance the buildings, as they demanded to see a longer track record. Cambridge saw the properties’ potential and was able to step in. “Cambridge thoroughly studied our situation and could see and trust our story. The company is one of the nation’s leading HUD 232 lenders and was able to arrange a bridge loan with GE Capital with the idea that this loan would be converted to permanent HUD Lean financing at a later date. I was especially impressed by the expertise and professionalism exhibited by the Cambridge staff. The company has a strong service ethic and, like Diakonos, a commitment to making things turn out well for everyone involved in the transaction. We kept pulling strings to see which of the offers received came with a ball of yarn. Cambridge was the clear winner,” Pilgrim explained.
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