Park Vista Real Estate Spun Off in Separate Transactions
YOUNGSTOWN, Ohio — The new owner of what was Ohio Living Park Vista has spun off ownership of the buildings and 18 parcels of land at 1216 Fifth Avenue to three related entities that collectively paid $9.81 million.
The real estate transactions closed Tuesday, according to public records.
The skilled nursing, senior living and rehabilitation business was sold in January for $19 million to Natick HCG LLC of Flushing, N.Y.
Natick was first identified in a letter dated Sept. 18, 2019, from the CEO of Ohio Living that informed Park Vista residents a sale agreement had been reached. The sale was necessitated by “market pressures brought about by changes in the health care industry,” said Laurence C. Gumina. “To continue without change was not possible.”
The sale was expected to close in November, Gumina’s letter stated, but was delayed for unknown reasons.
According to a report Feb. 19 in Columbus Business First, which first reported the $19 million sale had closed, Columbus-based Ohio Living told bondholders that its Youngstown operation had lost “more than $12 million since 2017.”
Ohio Living, formerly Ohio Presbyterian Retirement Services, is the state’s largest nonprofit operate of senior living communities.
The managing partner of Natick’ HCG LLC is Shlomo Mushell, who identifies himself on his LinkedIn page, as of “February 2020,” as principal and managing director of Mcare HCR LLC and the Park Vista Community .
Mcare was incorporated Sept. 19, 2019, according to the Ohio secretary of state. The three entities that purchased the Park Vista buildings and land Tuesday were incorporated in Ohio on Sept. 13, 2019. Public records show common legal agents and tax mailing addresses.
In the first of three transactions, Park Vista SNF Properties LLC paid $6.25 million to buy buildings on five parcels. The second transaction shows that Park Vista II Properties LLC paid $3.5 million to buy more buildings on another five parcels along Ford Avenue. Park Vista Lot Properties LLC paid $60,000 to buy eight parcels of land on Broadway Avenue in the third transaction.
The Park Vista complex includes a skilled nursing building with 129 beds and 75 assisted living units, an apartment building with 82 independent living units, and four stand-alone villas. It opened in 1947 and greatly expanded services and occupancy through the years.
Pictured at top: File photo of the Park Vista complex on the North Side of Youngstown.
Copyright 2020 The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.