Meredith, NH Continuum Advisors, a national senior housing investment sales and advisory firm, facilitated the sale of Meredith Bay Colony Club, an 85-unit continuing care retirement community (CCRC).
Built in 2008, the 11+ acre campus offers a full continuum of care for residents with 41 independent living apartments, 20 assisted living units, 24 memory care units, and an additional 18+ acres of undeveloped land for future expansion. The campus amenities, include an underground parking garage, indoor pool and fitness center.
Financially strained for several years, the community was sold through a court-directed process with OnePoint Partners serving as the rehabilitation trustee and Continuum Advisors retained to market the CCRC for sale.
Co-heads David Kliewer and Jay Jordan led the sale to close on Nov. 1st, resulting in a purchase price of $11 million, plus the buyer’s assumption of $10.5 million in resident entrance fee refund liabilities.
The buyer, Taylor Community, is a nonprofit owner and operator based in NH’s lakes region. It currently operates three other sites in the local area and was a natural fit for this property with deep roots in the region.
“Meredith Bay Colony Club is an attractive community whose current and future residents will experience a senior housing operator committed to excellence in its highly personalized care approach,” said Jay Jordan, co-head of Continuum Advisors.
Two hours north of Boston, Meredith Bay Colony Club is set amongst a White Mountains backdrop on the northwest shores of Lake Winnipesaukee. Meredith was recently named one of the “best small towns on the East Coast” by Travel & Leisure magazine.
The deal marks Continuum Advisors’ 175th senior housing transaction across 35 states with an additional $350 million in its national sales pipeline currently under contact.