Hilco Global
Update
08/11/23
Hilco Real Estate Announces the Bankruptcy Sale of Former Skilled Nursing Facility in Springfield, MA
Hilco Real Estate, LLC announces September 14, 2023, as the qualifying bid deadline for the bankruptcy sale of this previously operating skilled nursing facility in Springfield, Mass.
The three-story building has been well-maintained and boasts 56 rooms, 110 parking spaces and was once licensed for 160 beds. It is strategically located less than two miles from two highly regarded hospitals: Baystate Medical Center and Mercy Medical Center. These hospitals provide exceptional healthcare services and attract a substantial patient population. This site offers a significant capacity for providing comprehensive care to patients – ensuring the potential for a high-quality healthcare facility that meets the needs of the community. Investing in a healthcare facility in Springfield means joining a thriving medical community and tapping into a network of collaboration and expertise.
Springfield thrives from its diverse economy – specifically in industries such as healthcare, education and manufacturing. The city boasts an array of major employers, including MassMutual Financial Group, TechSpring and Big Y Foods. Adding to its appeal, Springfield benefits from excellent connectivity through Interstate 291, 90 and 91. These major highways provide convenient access to nearby cities such as Hartford, Conn. (30 minutes), New Haven, Conn. (60 minutes), and Boston, Mass. (90 minutes), further enhancing the city's accessibility.
With the site being at the end of a cul-de-sac in a residential area and featuring a versatile layout with ample parking spaces, it presents an opportunity for creative repurposing. Developers can consider converting the building into multifamily apartments or dormitories due to Springfield's thriving student population. The city has 15 universities in the surrounding area and four colleges directly within its borders. Investors have an excellent opportunity to possibly adapt the property to cater to this lucrative market segment, capitalizing on the city's educational landscape and allow for a steady stream of rental income.
Terry Rochford, senior vice president of business development at Hilco Real Estate, stated, "Whether you envision transforming it into a cutting-edge healthcare facility, creating a vibrant living space, or contributing to the growing student housing demand, this property allows you to play a part in shaping the future. The adaptability of this property offers a range of possibilities to meet market demand and maximize returns on investment."
Jonathan Cuticelli, vice president at Hilco Real Estate, added, "Embracing this opportunity holds immense potential. Investing in this property is not just about the physical space; it's about investing in the well-being of individuals, the growth of a city, and the potential for positive change."
The sale is being conducted by Order of the U.S. Bankruptcy Court District of Massachusetts (Springfield) Bankruptcy Petition No. 23-30136, In re: Chapin Center RE LLC. Bids must be received on or before the deadline of September 14, 2023, at 5:00 p.m. (ET) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate's website.
Interested buyers should review the bid procedures for requirements to participate in the bankruptcy sale process available on Hilco Real Estate's website. For further information, please contact Jonathan Cuticelli at (203) 561-8737 or jcuticelli@hilcoglobal.com and Adam Zimmerman, MAI, at (847) 917-9323 or azimmerman@hilcoglobal.com.
For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
