Keene’s bankrupt retirement community sold for $ 33 million
Hillside Village sold to Illinois-based Covenant Living Communities Hillside Village sold to Illinois-based Covenant Living Communities
A federal judge has approved the sale of the Hillside Village Keene retirement community to an Illinois-based senior provider, clearing one of the final hurdles for a $ 33 million deal announced in August.
The Keene Sentinel reported that Covenant Living Communities & Services, based in Skokie, Ill., A nonprofit that operates 18 retirement communities nationwide, was the sole bidder for the Wyman Road facility. , who filed for Chapter 11 bankruptcy.
Judge Bruce A. Harwood approved its sale to Covenant Living last week.
The 222-unit facility – which provides a full continuum of health care, employs some 150 people. It has struggled with low occupancy rates largely because of the pandemic, and nearly a quarter of its self-catering homes were vacant in February, when it had 195 residents, according to a financial adviser to the association. nonprofit Prospect-Woodward Home, which opened the establishment two years ago.
In a press release, Terri Cunliffe, CEO of Covenant Living, said:
its staff has already met with residents and employees of Hillside Village.
“We are delighted to continue to build relationships with them,” she said in the statement. “We will meet again with all members of the community to answer their questions in the near future, but our first goal is to ensure that our organization provides them with a solid financial foundation and a bright future.”
The State Insurance Department and Charitable Trust Unit have yet to approve the sale of Hillside Village.