The $86 million sale of The Harborside, a senior care facility in Port Washington that has filed for multiple bankruptcies, has officially closed, giving buyer Focus Healthcare Partners the green light to take over the facility immediately.
“We’re grateful to the court for approving this sale that will start a new chapter at the Harborside,” said Curt Schaller, principal and co-founder of Focus Healthcare Partners. “Most of all, we’re happiest for the Harborside’s residents who are able to put years of uncertainty behind them. We’re looking forward to transforming this facility into the highest quality retirement community on Long Island and significantly improving amenities and services for our residents.”
Judge Alan S. Trust approved the $86 million sale of the Port Washington senior care facility to Chicago-based Focus Healthcare Partners LLC in February. The sale includes a partial payout of deceased residents’ entrance fees.
Focus Healthcare Partners closed on the sale on Tuesday, May 12, making them the official owners of the facility.
The sale of the Harborisde guarantees the facility will still open and residents can remain in their homes after filing for bankruptcy in 2023 for the third time in nine years, but does include the closure of its assisted living facilities.
These include 56 skilled nursing beds, 26 enriched housing units in the assisted living area, and 18 memory support beds in the memory care unit.
This portion’s closure was previously described as temporary. Focus has expressed its intent to apply for state permits through the Department of Health to reopen these facilities in the future.
The facility’s independent living residents, though, will be permitted to stay. These units will change from the prior entrance fee-based admission to rental units.
Independent living residents who choose to stay will also be grandfathered in, with their current rental rates maintained and capped at a 5% increase every year.
In tandem with the $86 million sale is $42.5 million to reimburse families of deceased residents their family member’s entrance fees. These owed entrance fees amount to about $120 million.
Payments to some of the residents and families of deceased residents have already begun, with payment plans established for 180 of the 210 parties.
Payments will be made over two rounds, with the second based on the impending sale of The Harborside’s sister facility, Amsterdam Nursing Home, on the Upper West Side in Manhattan. The dollar amount for this sale has not been disclosed.
The fees will be paid via $36.5 million from the sale of The Harborside’s Manhattan facility on the Upper West Side and $2 million by Focus Healthcare Partners.
