CRC Acquires Geneva (IL) Retirement Community

Post a Comment » Written on July 1st, 2008     
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GENEVA, IL (July 1, 2008) – Covenant Retirement Communities (CRC) announced it has acquired Geneva Place, a 53-unit rental retirement community.

CRC took full control and assumed operation of the four-story building May 30, after meeting individually with each of its 21 residents. Karen Larson, executive director of The Holmstad, CRC’s continuing care retirement community in Batavia, Illinois, will oversee the community’s administration.

“The primary advantage CRC offers Geneva Place residents is the availability of future services such as home care, assisted living or skilled nursing,” says Larson. Based on availability, Geneva Place residents will have priority access to assisted living, memory support and skilled nursing at Windsor Park Manor, a CRC continuing care community in Carol Stream, Illinois. CRC’s Covenant Care at Home agency will provide home care.

After it opened in 2004, Geneva Place struggled to meet the 50 percent occupancy required to secure permanent financing. The community contacted CRC President Rick Fisk. “They were keenly aware that we were the provider in the area that offered a full continuum of service,” Fisk says. “The lack of future services was the root of the occupancy challenge. People don’t want to move to a retirement community and have to move again if they get sick.”

The acquisition is a good fit for CRC. Less than three miles from The Holmstad, Geneva Place offers retirees an opportunity to join the community family without paying an entrance fee. “By supporting Geneva Place residents with future services at Windsor Park Manor, we can offer them a lower-cost way to access the quality services we provide,” says Fisk.

Although it did not offer future services, the original Geneva Place contract required an entrance fee. When purchasing the community, CRC’s board of directors chose to secure the residents’ investments. It will fund and repay entrance fees to 11 residents whose contracts included them.

CRC purchased the property from Geneva Place LLC. Daniel D. Dolan, president of Dolan & Murphy Inc. in Aurora, Illinois, was the main investor in Geneva Place LLC.

Operating 14 retirement communities in eight states, CRC is the nation’s fifth largest not-for-profit senior housing provider. It administers its communities on behalf of the Board of Benevolence of the Evangelical Covenant Church. Visit the CRC website for more information.

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