The facility Was Sold For $21.6 Million
Full Recovery Was Achieved For the Bondholders of the Trust
Scope of Work
At foreclosure, the property was 64% physically occupied with deferred maintenance and a dysfunctional staff.
After foreclosure, approximately $2.6 million of capital repairs were completed. Capital improvements included a large energy efficiency upgrade, replacing the dining room carpet, upgrading the common area floors and furniture, upgrading the assisted living common area, renovating units, installing new carpet and flooring in independent living main building, interior paint, new kitchen equipment, boiler replacement, upgrading the dining room furniture, replacing the roof, replacing common area washer-dryer units, and redesigning the monument sign. Interior unit upgrades included new cabinets, appliances, countertops and flooring in AL and IL units.
The entire staff, including executive leadership, was replaced. A new marketing program was successful which led to 95% stabilized occupancy for five years.