PALM BEACH GARDENS, FL-The senior retirement community Devonshire at PGA National, along with an associated assisted living and a skilled nursing facility that were the subject of a more than $158 million foreclosure action, have a new owner.
The Devonshire at PGA National and its Chatsworth assisted living and skilled nursing facility are now owned by an affiliate of Erickson Living Properties of Baltimore after the U.S. Bankruptcy Court recently approved a reorganization plan by Devonshire at PGA National, which filed for bankruptcy protection last September. The bankruptcy filing came a month after Trimont Real Estate Advisors, representing a group of lenders, filed a $158.4-million foreclosure action against owner Tampa-based SHP Senior Living Services, according to the South Florida Business Journal.
Trimont subsequently sold the loan to an affiliate of Erickson. In exchange for releasing the mortgage debt, Erickson now owns 100% of the equity in the reorganized company. See story in the South Florida Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
