KEENE, N.H. — Covenant Living Communities and Services has acquired Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, 20 miles north of the Massachusetts border.
Covenant acquired the community out of bankruptcy and has renamed it Covenant Living of Keene. Grandbridge Real Estate Capital’s David Kliewer, Jay Jordan and Allen McMurtry arranged the $33 million sale.
Situated on 66 acres, the property opened in 2019 and features 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites. Entrance fees range from $200,000 to $700,000.
According to Grandbridge, the assisted living and memory care portions of the community opened just before the onset of COVID-19. Combined with the capital needs to address open construction issues, the community defaulted on its bond obligations and was sold through a bankruptcy process. The community was approximately 60 percent occupied at the time of the sale, with the long-term care beds of the community not yet opened.
“The community was an ideal fit for Covenant, who has ties to the local community and owns and operates a CCRC less than two hours south,” says Kliewer.