Three years after acquiring a 40-unit Georgia assisted living community in receivership, Gryphon Senior Living Group is refinancing it through HUD. Built in 2000 as a licensed personal care facility in the town of Union City, an Atlanta suburb, this community features nine units of memory care and 31 assisted living units, with 50 total beds. It was operating near breakeven with 77% occupancy in 2014 and was in receivership at the time of closing. GlassRatner was the court-appointed receiver on behalf of a special lender in South Carolina, and Oak Senior Living was managing the property throughout the process.

Chicago-based owner/operator Gryphon Senior Living Group then emerged as the buyer, paying $3.1 million, or $77,500 per unit, for the community. Three years later, the saga has come full circle, with Hunt Mortgage Group providing a $3.1 million HUD loan to refinance the community.