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Cogir property to become age-restricted senior housing

After a previous story in the Village News regarding the sale out of bankruptcy of the Cogir Senior Living facility building at 1733 S. Mission Road, there was much community concern and interest in what the new owners, AOF Pacific Affordable Housing Corp, would do with their new property.

"Closing the sale in bankruptcy to AOF is in process and AOF is dedicated to creating options across diverse levels of income for senior living," said Nicholas Rubin, Chief Restructuring Officer and partner with Force 10 Partners.

Rubin, and Force 10, was proposed by the debtor during the Chapter 11 process and approved by the court to act as the Chief Restructuring Officer, overseeing the sale and making sure all the residents in Cogir were treated as a priority.

Rubin said it is his understanding of AOF that, "the goal is to create age-restricted senior housing serving middle-income residents and also allocate a portion for low-income individuals. They will be apartments for rent."

As for the residents who were already living in the facility when it was sold, Rubin added, "I can tell you that the residents that were in the building when it was transitioning were the highest priority and continue to be. As a result of the sale to AOF, we have worked closely with legal and regulatory counsel as well as advisors to compile a plan to depopulate the current facility.

"The transition of residents is moving very smoothly. They have been given notice and we are there to help them transition. At this point, there is only one resident who has not identified where they will be transitioning to. All residents who are still in the building will remain our top priority."

"Forbright Bank, the senior secured lender, although they knew they would not be recovering their loan in full, has been cooperative, supportive as well as helpful throughout the process. It was very admirable," said Rubin.

The Cogir property was purchased for $20,650,000, according to documents received by Village News. According to the court documents, AOF Pacific Affordable Housing Corp was the sole qualified bidder, and the sale occurred at an auction conducted on Dec. 15, 2023, at 9:30 a.m.

 

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