Achievements of Medical Development Corp. and previous affiliated companies

1981 Formation of Healthcorp Development Company (Healthcorp)
  • **COA Awarded (Certificate of Authority) - 330 Continuing Care Retirement Community (CCRC) in Ocala, Florida;
  • **CON Awarded (Certificate of Need)- 26 Bed skilled and intermediate nursing facility in Ocala, Florida;
  • **CON Awarded - 35 Bed skilled and intermediate nursing facility in Ocala, Florida;
  • **CON Purchased - 120 skilled and intermediate nursing facility in Red Boiling Springs, TN. Formed Red Boiling Springs, LP which purchased and redeveloped a .  Winston A. Porter was the GP. Property sold for a 32% IRR over a five year period.
  • **CON Awarded - 35 additional beds in skilled and intermediate nursing facility in Ocala, Florida;
  • **CON Awarded - 60 additional beds to construct a skilled and intermediate nursing facility in Ocala, Florida;
  • **CON Transfer Awarded - 30 skilled and intermediate nursing beds to nursing home project in Ocala, Florida;
  • **180 bed skilled and intermediate nursing facility constructed;

 

1984 Winston A. Porter, SVP and Director of Acquisitions for Southmark Corporation’s Senior Housing Division
  • **Underwrote and acquired over $150,000,000 of nursing home and senior living project for the Company;
  • **Responsible for arranging and negotiating debt placement to facilitate the above purchases;
  • **Responsible for acquiring National Heritage a nursing home chain company which was taken public on the NYSE in the form of a reverse merger of all of the other Southmark nursing home and senior living properties to become one of the largest nursing home chains in the country with 278 properties.

 

1987 Formation of Healthcare Concepts, Inc. (HCI), Winston A. Porter was Founder and President
  • **Consulted as a financial advisor to nursing home chains to consolidate debt and organize larger “Bridge Loan Facilities” to aid in future acquisitions. Over $200,000,000 was arranged by HCI.
  • **Acted as an Asset Manager to Trustee Banks for the oversight of Public Bond Issues on Tax Exempt Nursing Home Debt. Oversaw over $30,000,000 of Bond Debt and operations of the related properties;
  • **HCI co-founded the National Investment Center conferences known as “the NIC Conference” with Coopers & Lybrand CPAs. This conference is today the premier meeting and workshop for healthcare providers and related financing groups and institutions. Likewise, the National Investment Center for Senior Housing and Care Industry (a nonprofit organization) arose out of the NIC Conference and today is nation’s foremost authority on Senior Housing and Care in the United States.

 

1989 Formation of Medical Development Corp. (MDC) Winston A. Porter, President is the sole Principal and Shareholder
  • **CON Acquired -120 bed skilled and intermediate nursing home in Crossville, TN dba Wyndridge Health and Rehab Center.
  • **CON Awarded - 37 bed expansion skilled and intermediate nursing home in Crossville, TN dba Wyndridge Health and Rehab Center. The facility was sold to a nonprofit entity Senior Living Foundation for an IRR return of 56%.
  • **CON Awarded - 60 bed skilled and intermediate nursing facility in Madison, Fl. The property was developed and sold to Smith Packet upon COO.
  • **CON Awarded - 60 bed skilled and intermediate nursing facility in Ft. Walton Beach, FL. The facility was developed and sold to Beverly Enterprises.
  • **CON awarded - 120 assisted living beds in Forsyth County Georgia.
  • **Developed a 36 unit Assisted Living in Thomasville, Georgia which was also managed by Mr. Porter. This was later sold for an IRR of 28%.
  • **Developed a 36 unit Assisted Living in Valdosta, Georgia which was also managed by Mr. Porter.  This was later sold for an IRR of 31%.
  • **Developed a 36 unit Assisted Living in Crossville, TN which is managed, owned, and profitable every year opened.
  • **Purchased and managed a distressed 40 unit Assisted Living in Alpharetta, Georgia. It was sold with an IRR of 58%.
  • **Developed managed and sold a 59 unit assisted living in Alpharetta, Georgia with an IRR of 27%.
  • **Developed an Out Patient Rehabilitation Center in Crossville, TN which was later sold but is still managed.
  • **MDC and affiliates consulted for Lehman Bros. underwriting and successfully bidding on RTC pools of mortgages on healthcare related properties nationwide. Winston A. Porter was the considered their expert in Senior Housing and Long Term Care facilities. Lehman was successful in obtaining over $500,000,000 of property through MDC’s underwriting work.
  • **Winston A. Porter has served as an expert witness on senior housing operations and bed need as well as bankruptcy testimony.

 

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