The senior care business is a tough business, especially since the pandemic and inflation lowered census and raised expenses, respectively, and it has taken a toll on many not-for-profit organizations. And recently, another organization facing financial pressures defaulted on its bond debt, which triggered a Section 363 bankruptcy process. Evans Senior Investments was brought in by the seller to guide them through the process and ultimately also sell its CCRC in Somerset, Pennsylvania.
Originally built in the 1900s and renovated in 1990, The Patriot is a CCRC with 100 skilled nursing beds, 76 personal care beds in 47 units, and two independent living units. At the time of marketing, it was struggling with occupancy, reaching only 77% in skilled nursing and 47% in personal care. Evans secured a stalking horse and multiple rounds of competitive bidding at court auction before a regional owner/operator stepped in to acquire the campus. Evans worked in partnership with the legal team at Duane Morris LLC to close the deal.
