PHILADELPHIA—A Lakeland, NJ-based investment group that specializes in acquiring distressed nursing homes has agreed to serve as the stalking horse bidder in the sale of the Deer Meadows Retirement Community, which filed for bankruptcy protection in April.
Investment 360 L.L.C. will serve as the stalking horse with a bid of $30.25 million at an auction scheduled for the property next month, according to The Inquirer. Competing bids from other potential buyers are due by Aug. 8.
Deer Meadows, a tax-exempt organization that had 491 residents and employed 369 workers when it filed for Chapter 11 bankruptcy protection, owes $23 million to bondholders including approximately $7 million to Beneficial Bank. The facility was formerly known as the Baptist Home of Philadelphia.
Founded in 1869, Deer Meadows secured $28.38 million in bond debt in 1998 to build a new 135-bed nursing home and renovate the former nursing-home space into 78 personal-care units. It has not made a bond payment since 2011 and has been unsuccessful in discussions to refinance its debt. See story in The Inquirer.
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