National Senior Housing Investment Sales Advisors Lead Complex Receivership Sale of New Hampshire CCRC

February 2022

David Kliewer and Jay Jordan have arranged the $33.0 million sale of Hillside Village, a recently constructed 222-unit Continuing Care Retirement Community (CCRC) spanning approximately 66 acres in Keene, New Hampshire. Hillside Village opened in 2019 with 141 independent living units, 43 assisted living units, 18 assisted living/memory care units and 20 nursing care suites with entrance fees ranging from $200,000 to $700,000.

The assisted living and memory care portions of the community opened just before the onset of COVID-19. Combined with the capital needs to address open construction issues, the community defaulted on its bond obligations and was sold through a bankruptcy process. The community was approximately 60 percent occupied at the time of the sale, with the long-term care beds of the community not yet opened.

The Tampa-based Senior Housing Investment Sales team led by David Kliewer and Jay Jordan represented Hillside Village in their sale to Covenant Living Communities and Services. The acquisition of Hillside Village marks the 15th full CCRC owned and operated by Covenant Living.

“The community was an ideal fit for Covenant, who has ties to the local community and owns and operates a CCRC less than two hours south.”

David Kliewer, Co-Founder of Continuum Advisors