Somerset, Pennsylvania – Evans Senior Investments (ESI) has successfully arranged the sale of The Patriot, a Continuing Care Retirement Community (CCRC) in Somerset, Pennsylvania. The transaction was executed on behalf of a non-profit organization.
The CCRC offers a diversified unit mix, including 100 licensed skilled nursing beds, 47 personal care units, and 2 independent living units. At the time of marketing, the community was struggling with occupancy, reaching only 77% in skilled nursing and 47% in personal care beds.
Financial pressures ultimately led the owner to default on its bond debt, which triggered a Section 363 bankruptcy process. ESI was brought in by the seller to guide them through this complex process.
ESI conducted a competitive marketing process, drawing on its expertise in the senior housing and skilled nursing markets. By targeting groups of qualified buyers, ESI was able to maximize the value of The Patriot, securing a stalking horse and multiple rounds of competitive bidding at a court auction. In partnership with the legal team at Duane Morris LLP, ESI effectively navigated the bankruptcy proceedings, maximizing value and minimizing the closing time frame.
About Evans Senior Investments
Evans Senior Investments (ESI) is a real estate brokerage firm with offices in Chicago, IL and Denver, CO specializing in the long-term care asset class. ESI provides market valuations and sell-side advisory to Seniors Housing and Skilled Nursing owners across the country. Founded in 2009 by twin brothers Jason and Jeremy Stroiman, ESI aims to provide a more efficient, transparent, and faster selling process through a unique team-based approach to brokerage. ESI’s sellers are represented by the entire firm, with each member an expert in the varying aspects of the transaction process.
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