Huntsville Carlton Cove $27 Million Bid
Excerpt from the Huntsville Times
Residents satisfied new owner will honor contracts
A federal bankruptcy judge Thursday approved ACTS Retirement Life Communities of Pennsylvania's $27.25 million bid to buy Huntsville retirement community Carlton Cove.
Nonprofit Carlton Cove opened in 2003 but was not able to keep up its debt payments and declared bankruptcy in August 2006. The 43-acre south Huntsville facility was about $70 million in debt when it filed for bankruptcy.
Carlton Cove's lawyers, residents and board of directors decided last year to bring in a real estate firm to market the facility. ACTS of West Point, Pa., was among five bidders in an auction Tuesday.
The agreement is expected to close next month, and Andy Setlow, Carlton Cove's residents committee chairman, said residents are "very satisfied" with the outcome.
"We conducted extensive due diligence on all of the bidders," Setlow said, "and we agreed the successful bidder's was the best bid. We expect we will have that total revitalization we've been looking for since the beginning of this process."
ACTS is the country's largest operator of continuing care retirement communities, with operations in five states, including Florida and Georgia, according to a company fact sheet. An ACTS spokesman confirmed the purchase, but said confidentiality agreements barred the company from commenting for a few more days.
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Residents satisfied new owner will honor contracts
A federal bankruptcy judge Thursday approved ACTS Retirement Life Communities of Pennsylvania's $27.25 million bid to buy Huntsville retirement community Carlton Cove.
Nonprofit Carlton Cove opened in 2003 but was not able to keep up its debt payments and declared bankruptcy in August 2006. The 43-acre south Huntsville facility was about $70 million in debt when it filed for bankruptcy.
Carlton Cove's lawyers, residents and board of directors decided last year to bring in a real estate firm to market the facility. ACTS of West Point, Pa., was among five bidders in an auction Tuesday.
The agreement is expected to close next month, and Andy Setlow, Carlton Cove's residents committee chairman, said residents are "very satisfied" with the outcome.
"We conducted extensive due diligence on all of the bidders," Setlow said, "and we agreed the successful bidder's was the best bid. We expect we will have that total revitalization we've been looking for since the beginning of this process."
ACTS is the country's largest operator of continuing care retirement communities, with operations in five states, including Florida and Georgia, according to a company fact sheet. An ACTS spokesman confirmed the purchase, but said confidentiality agreements barred the company from commenting for a few more days.
more on the story
More on Carton Cove
posted by Alabama Real Estate Professional @ 3:02 AM
