Retirement village owner set to declare bankruptcy
LONDON: A retirement village owner and manager is believed to be currently preparing for bankruptcy.
Facing a financial squeeze caused largely by the COVID-19 pandemic, the nonprofit that runs Hillside Village Keene is searching for someone to buy the retirement community and may declare bankruptcy, its officials say.
The cash crunch caused the organization, the Prospect-Woodward Home, to miss a bond payment worth nearly $2 million on the 95 Wyman Road facility last month.
The sprawling retirement community, which opened in 2019, is home to 195 seniors and offers a full continuum of health care — from rehabilitative services to 24-hour nursing care. It employs nearly 150 staff members across the various facilities on site.
Members of the Prospect-Woodward board of trustees said they have hired OnePoint Partners, a consultant to senior-care operations nationwide, to help navigate the financial situation.
After determining late last year that Hillside Village needs a cash infusion to remain viable, OnePoint Managing Director Tom Brod said on the same call that the company is actively searching for a buyer. Measures to rejuvenate Prospect-Woodward’s finances may also include filing for bankruptcy, he said.
However, the nonprofit’s officials pledged that even if it declares bankruptcy, Hillside Village residents will remain at the facility and retain their current health care services.
Despite the financial challenges, Prospect-Woodward remains focused on providing a quality residential experience and health care to its residents, according to board Chairwoman Nancy Crawford.
“Our goals, first and foremost, are to create a community that’s both financially healthy and sustainable for the long term, to continue … providing the highest level of care, [and] to protect the interests of residents and employees with minimal disruption,” she said.
Opened in 2019, Hillside Village was first envisioned more than a decade ago by trustees of two local assisted-living facilities, Prospect Place and The Woodward Assisted Living Home.
