Foreclosure Of NH Assisted Living Home Gets Go-Ahead; Elderly Residents Could Face The Boot; Lender Expects To Acquire Facility & Continue Operations

In Portsmouth, New Hampshire, SeacoastOnline reports:

• After a three-year fight in the state’s bankruptcy court, The Pines at Edgewood assisted living residence has been foreclosed and will be sold during a June 3 public auction, said Concord attorney Carl Anderson who represents the mortgage lender. Anderson said the auction of the at 936 South Street facility is expected to conclude “a long-fought case,” during which owner David Ramsey objected to the bank’s reorganization plans.

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• As of Friday, Ramsey was in agreement with the current plan which has Flash Island collecting all rent from the 15-bed facility and paying all of the bills, including payroll, said Anderson. At the same time, he said, Flash Island has partnered with a “subsidiary” which will bid during the auction and has applied for a state license to operate a residential home care facility.

• Anderson said it’s his hope that the subsidiary will be the highest bidder and resume operations as they are now.(1) If that’s the case, the current administrator will keep her job and residents’ lives will be uninterrupted, he said. If a high bidder wants to change the current use, they must give residents notice by law, said the Concord attorney.

For more, see Assisted living residence foreclosed, to be auctioned.

(1) For sale is the circa 1900 Victorian building on 1.6 acres of hillside property. According to a legal notice for the auction, the 7,529 square foot building has eight private rooms, 3 semi-private rooms a 2-bedroom apartment for the administrator, a dining room, kitchen and great room. “It is important that the residents of The Pines not be needlessly disturbed by the foreclosure sale process,” said Anderson. “The intent, and in my view likelihood, is that the day-to-day operations will continue the same.”