Covenant Living Communities and Services Adds 19th Community to Portfolio
November 23, 2021
Covenant Living Communities and Services, one of the nation’s largest not-for-profit senior services providers, announces the acquisition of Hillside Village Keene, a Continuing Care Retirement Community (CCRC), located in Keene, New Hampshire. Covenant Living received approval from the District of New Hampshire U.S. Federal Bankruptcy Court for the purchase on November 22, 2021.
“This acquisition adds to our presence in the northeast and fits well within our overall strategic plan of organizational growth,” said Terri Cunliffe, Covenant Living president and CEO. “The addition of Hillside Village allows us to serve even more older adults in this region. We currently have a community located in Cromwell, Connecticut.”
Hillside Village opened in 2019 with 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites. Its ability to achieve a healthy level of occupancy was severely interrupted by a suspension of sales and marketing in 2020 due to Covid-19. Hillside Village has faced significant financial challenges as a result and ultimately filed for a bankruptcy sale on August 30.
Covenant Living will immediately begin preparing for the transaction closing, which is anticipated in January or February of 2022. For the remainder of this year, our Covenant Living teams will begin the transition and integration of Hillside Village into the Covenant Living system. Residents at Hillside Village can expect to receive the same exceptional service and amenities they currently enjoy.
“We’ve already had the privilege of meeting with residents and employees during meetings in mid- September and again in an informal reception in mid-November. We are excited to continue building relationships with them,” added Cunliffe. “We will be meeting again with everyone at the community to answer any questions they may have in the near future, but our first focus is an assurance our organization provides them with a sound financial foundation and a bright future ahead.”
The acquisition makes Hillside Village the 15th full CCRC owned and operated by Covenant Living. Its communities are located in Connecticut, Florida, Michigan, Minnesota, Illinois, Oklahoma, Colorado, Washington, California and now New Hampshire. Covenant Living also operates one stand-alone skilled nursing facility, one stand-alone assisted living community, two rental communities and two home health agencies in Illinois and California.