Carmel-based nursing home developer Mainstreet is now trading publicly in Canada as they expand nationally -- but not in Indiana, which has a moratorium on new nursing homes.
The company's new public affiliate, Mainstreet Health Investments, is worth almost half a billion dollars. It'll be traded on the Toronto Stock Exchange.
The new company covers 24 senior care facilities, including 13 the company will acquire with the $95 million they made on the public offering. Two of those homes are in Indiana -- in Mooresville and Chesterton.
Investment company president Scott White says this is a good moment for their industry.
"There's two reasons," he says. "It's called supply, and demand."
More baby boomers are moving into long-term care facilities -- and American nursing homes themselves are aging, he says.
Mainstreet owns several properties in Indiana and has another half a billion dollars of construction in the works in 25 other states.
But Indiana isn’t approving new comprehensive care facilities, or enrolling any more in state Medicaid, until 2018. Mainstreet is suing the state over that ban, saying it hurts profits and prevents competition.
White says the case is unrelated to their public offering -- although, he writes in an email, "we would like to build in Indy, and feel like Hoosiers deserve the right to decide on where to obtain health care.”
