A court-appointed receiver will now manage the Courtyard Estates assisted living facility in Farmington effective immediately.
The nursing home was one of dozens affected by Petersen Health Care's March bankruptcy filing. A deal brokered by the Bank of Farmington during the auction will put the facility under the day-to-day management of attorney Michael Flanagan and Walnut Creek Management, which is already overseeing another ten Petersen facilities.
The Bank of Farmington is the mortgagee of the facility. Bank president Joseph Higgs says they want to ensure care standards are maintained, and that the facility is transferred to new ownership seamlessly.
An independent ombudsman is expected to present a new report on current conditions at Petersen's nursing homes by August 13. The first report flagged no major issues.
The majority of Petersen's nursing homes were bought up by Cascade Capital Partners, a real estate management firm. The Farmington nursing home was not among those.
The Peoria-based company is one of the largest operators of nursing homes in the U.S., with nearly 100 facilities across Illinois, Iowa, and Missouri.
