County nursing home sold for $7.8M
ALBION – The county-owned nursing home has been sold for $7.8 million to a company that recently purchased three Catholic Health facilities in Buffalo.
Comprehensive Healthcare Management Services LLC will be the new owner of The Villages of Orleans Health and Rehabilitation Center, a 120-bed nursing home on Route 31. The final approval for the sale will come after the state Department of Health reviews the company’s certificate of need. Those reviews often take at least a year.
The sale won’t become effective until after Jan. 1, 2015. That will honor the time frame put out by the County Legislature about two years ago when it told the public and nursing home employees the site would stay county-owned until at least 2014, Legislature Chairman David Callard said this afternoon.
He is pleased with the price, which exceeds the $6.5 million market value set by the county’s consultants with the sale, Marcus and Millichap’s National Senior Housing Group in Chicago. The price also will allow the county to pay off the $7.1 million in debt left on the nursing home following renovations and an addition in 2007.
“It’s a really good deal with a really reputable company,” said Legislature Chairman David Callard.
Orleans Hub will have more on the sale.