SOMERSET, Pa. — Evans Senior Investments (ESI) has arranged the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a non-profit organization. The sales price was not disclosed.
The CCRC features a diversified unit mix, including 100 licensed skilled nursing beds, 47 personal care units, and two independent living units. At the time of marketing, the skilled nursing component of the community was 77 percent occupied while the personal care beds were 47 percent occupied.
Financial pressures ultimately led the owner to default on its bond debt, which triggered a property sale under Section 363 of the U.S. Bankruptcy Code. ESI was brought in by the seller to guide it through this complex process.
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 navigated the bankruptcy proceedings, minimizing the closing time frame.