The sale of the luxury retirement community Edgemere was final as of midnight June 13.
As part of a plan approved by a bankruptcy court in March, Bay 9 Holdings LLC acquired Edgemere for $48.5 million and is converting it to a rental model – a process that Edgemere LLC (“Long Hill”) reports is underway.
Long Hill at Edgemere LLC (Long Hill) took over management of the property at 8523 Thackery Street June 14. Long Hill is a subsidiary of United Methodist Homes, a Connecticut-based nonprofit. It also provides management services to 11 Texas-based senior living communities.
“We are so pleased this part of the process is now complete,” said David Lawlor, President and CEO for Long Hill and United Methodist Homes (UMH). “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.”
“Edgemere’s Resident Council has been instrumental in the contract review process, providing valuable feedback and guidance,” Lawlor added.
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.
“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 Eric Nye, a member of the resident association.
Executive director John Falldine said the community’s contract with Unidine, a third-party dining services company, has been terminated, and all culinary services have been brought in-house.
“We have some exciting changes coming to our dining program here at Edgemere and The Plaza, so more to come on that front later this summer,” Falldine said.
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.