An affiliate of Lehman Brothers Holdings recently sold a Missouri senior care facility for an undisclosed sum to Mark Suissa of Chicago, who operates six other skilled nursing facilities, reports the St. Louis Business Journal.
The sale of West County Regional Rehab Center, dba The Cedars at the JCA, will be effective March 27, at which point the facility’s new name will be The Cedars of Town and Country LLC. It is located a 13190 S. Outer 40 Road in Town and Country, in the St. Louis area.
A local nonprofit group, the Jewish Center for the Aged, developed the $60 million, 252-bed facility, which opened in 2003. However, JCA defaulted on its mortgage, and the Department of Housing and Urban Development took over the facility’s debt in 2006, reports the Business Journal. This debt was auctioned off in 2007, with Lehman Brothers affiliate “MO 13190 South Outer 40 Road” as the highest bidder. The affiliate took over from JCA in August 2010.
The Cedars is currently managed by Traditions Senior Management Inc. of Florida, but Suissa’s company will take over operations on March 27, according to the article. The facility offers residential care, rehabilitation services, skilled nursing, and Alzheimer’s care.
Written by Alyssa Gerace