Senior Living Facility Buying Opportunity

Derek A. Pierce of Healthcare Management Partners, LLC, in his capacity as court-appointed receiver (the "Receiver") over the 68-unit assisted living ("AL") 18-unit memory care ("MC"), and 28-unit independent living ("IL") facility commonly known as The Glen at Lake Oconee Village and located at 1070 Old Salem Road in Greensboro, Georgia (the "Facility"), is seeking bidders at a stalking horse auction of the Facility.

Auction Process Overview

Receivership court sales are advantageous because the receivership court enters an order providing that the sale shall be free and clear of all liens, claims, encumbrances, and other interests so that the buyer is protected from legacy liabilities of the seller.

The Receiver has identified a proposed stalking horse bidder (the "Proposed Stalking Horse"), Phorcys Capital Partners, LLC, the beneficial owner of approximately 99.9% of the Series A Bonds whose payment is secured by a lien on the Facility. The Proposed Stalking Horse bid is $26,435,000 (the "Proposed Stalking Horse Bid"). The Receiver intends to market-test the Proposed Stalking Horse Bid by subjecting it to a competitive auction. On February 17, 2023, the court approved bid procedures for the qualification of additional bidders, the submission of competing bids, and the conducting of an auction to determine the highest and best offer. The Receiver will then seek court-approval of the successful bidder at the auction.

Important Dates

  1. Due Diligence Deadline: March 29, 2023, at 5:00 p.m. (Eastern)
  2. Deadline to Submit a Bid: March 29, 2023, at 5:00 p.m. (Eastern)
  3. Auction Date and Time: April 3, 2023, at 9:00 a.m. (Eastern)
  4. Deadline to Object to Sale: April 3, 2023, at 1:00 p.m. (Eastern)
  5. Sale Hearing: April 3, 2023, at 3:00 p.m. (Eastern)

Bidding Process and Confidentiality Agreement

To participate in the bidding process and to receive access to due diligence materials, the Receiver requests that prospective bidders visit lakeoconeereceivership.com to obtain the confidentiality agreement and return the agreement to lakeoconeereceivership@hcmpllc.com.

Prospective bidders may obtain a copy of the court-approved bidding procedures at lakeoconeereceivership.com