BIFURCATED FINANCING ENABLES WESTMINSTER COMMUNITIES OF FLORIDA TO ACQUIRE BANKRUPT COMMUNITY
BIFURCATED FINANCING ENABLES WESTMINSTER COMMUNITIES OF FLORIDA TO ACQUIRE BANKRUPT COMMUNITY
3 PagesCASE STUDY PARTNERED RIGHT ® Westminster Pines, Inc. d/b/a Westminster St. Augustine (the “Borrower”) is a not-for-profit corporation wholly owned by an affiliate of Presbyterian Retirement Communities, Inc. (“PRC”), otherwise known as Westminster Communities of Florida. In 2017, the Borrower successfully negotiated a purchase agreement to acquire Glenmoor, a life plan community that had been in bankruptcy since 2013. Glenmoor is located in St. Augustine, with a 40-acre landscaped campus that consists of 159 residential units, a Health Center containing 30 Assisted Living Units, 30 Skilled Nursing Beds and a 329,000 square foot Community Center. As of September 2017, the community’s occupancy was 82% in its independent living units, 59% in assisted living units and 78% in
