Continuum Advisors closed the sale of Friendship Village of Schaumburg in the Chicago suburb of Schaumburg, Illinois.
Spanning more than 60 acres, Friendship Village offers 818 units/beds across a full continuum of care. The property sold through a court-ordered bankruptcy process with a cash purchase price of aboutt $35.6 million.
The community offers 512 independent-living apartments, 28 garden homes, 85 assisted-living units, 24 memory care units and 169 skilled-nursing beds. Friendship Village was built in phases starting in the late 1970s, with the most recent addition in 2007.
Beginning in January of 2021, the not-for-profit borrower defaulted on its bond payments, largely attributed to the effects of COVID-19.
The team at Continuum Advisors led by Jay Jordan and Dave Kliewer initiated a marketing process thatt highlighted the ability for a buyer to restore the financial stability of Friendship Village and initiate a variety of repositioning opportunities. Continuum Advisors led a sale process through the bankruptcy court, which resulted in three parties submitting binding contracts.
Encore Healthcare Services emerged as the winning bidder at auction for the property. Encore plans capital investments into the campus.
