Focus Healthcare Partners, a Chicago-based investment group, is in contract to purchase the bankrupt Harborside retirement community in Port Washington, Long Island, for $80 million. Focus has already placed a $2.75 million deposit, but the deal hinges on a bankruptcy court’s approval and requires at least 46 senior tenants to sign agreements to stay. A key issue is the lack of a provision for $130 million in entrance-fee refunds owed to residents, which a judge says must be addressed before the sale can proceed. If the sale goes through, Focus will initially only support independent-living units, potentially displacing other residents.
Focus Healthcare Partners
