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Edgemere Sale Closes; Bay 9 is Now Owner, Long Hill at Edgemere is Now Property Manager

June 20, 2023

DALLAS, TX Edgemere has announced the official closing on the sale of its property. The new owner, Bay 9 Holdings LLC, an affiliate of San Francisco- and Denver-based Lapis Advisers LP (Lapis), purchased the community with a commitment to restore the level of service excellence for which Edgemere is known. The sale was announced as imminent in March of this year.

Long Hill at Edgemere LLC (Long Hill) has officially taken over property management.

“Edgemere is a beautiful and distinguished community, and we are thrilled to partner with the Long Hill team and existing staff members to leverage its culture and strengths,” commented Lapis Managing Principal Basia Terrell.

“We are so pleased this part of the process is now complete,” said David Lawlor, President/CEO for Long Hill and United Methodist Homes (UMH), a mission-based, not-for-profit organization. “This community and its residents have had a rough time of it over the past year, so everyone is both relieved and very excited for Edgemere to begin a new chapter.”

Additionally, Lawlor confirmed that Edgemere has started the process of converting from a continuum of care/entrance fee model to a rental model. Resident rates will remain the same for most residents, Lawlor said.

“We couldn’t be happier about the closing and the fact that so many of Edgemere’s current employees are staying here with us,” said Erle Nye, an active member of the Resident Association. “This community has always been special and tight-knit, and it’s due to the amazing residents who live here and the wonderful staff members who are so committed to providing excellent service and care every day.”

Operations and services will continue without disruption because all employees were offered the opportunity to retain their roles, and more than 99 percent of the staff will remain in place, including executive director John Falldine.

“We’re very happy that our path ahead is clear, and all components of this transition are forging ahead full steam,” said Falldine. “All systems are transitioning over the next few weeks, and we fully expect a smooth transition across the board, particularly since such a huge majority of our staff has chosen to stay.”

In addition to independent living, Edgemere will continue to offer residences, health care services, and programming through The Plaza, which is located on the same campus and offers assisted living, memory care, physical rehabilitation, and skilled nursing.

Falldine also noted that the community’s culinary services have been brought in-house. “We have some exciting changes coming to our dining program here at Edgemere and The Plaza.”

In addition to the closing and ensuing transitional processes in the works, Lawlor said a trust has been established through the bankruptcy process that is intended to fund resident refunds owed. Lifespace Communities announced in December 2022 that it intended to honor resident refunds owed up to $143.4 million.

The Long Hill Company is the management affiliate of UMH, which is headquartered in Shelton, CT. Long Hill has managed over 100 senior living communities over the past 23 years, including 11 other senior living communities in Texas. Founded in 2009, Lapis Advisers, LP specializes in special situation investment opportunities in the municipal bond market.

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