Seniors complex being prepped for sale
The receiver of the Kingsway Gardens enriched housing complex hopes to sell the property before the end of this month.
After a string of financial difficulties arose from unpaid debts, the Kingsway Gardens enriched retirement housing is in receivership.
The keys to the Kingsway Gardens seniors apartment complex on Empire Lane in Windsor are in the hands of a receiver after Schaffner Enterprises Ltd. failed to settle an outstanding debt of more than $1.3 million with Toronto-based lender, ResMor Trust Company.
Paul Goodman, of BDO Canada Ltd., is the appointed receiver of the property. He says he is focusing on keeping the current tenants happy, attracting new residents and preparing an invitation for offers package to attract potential buyers.
“If we get (an offer) that is acceptable between buyer and seller then we’ll get it court approved and we’ll close the deal,” said Goodman, who hopes to have the sale of the property closed by the end of November.
Goodman says although the property is being prepped for sale, and in the hands of a new owner while in receivership, “it’s business as usual” at the enriched seniors housing complex.
“Nothing is going to change for the residents, it’s operating today and probably better off financially than it was before we were appointed,” said Goodman.
“We’d like to fill some of the empty rooms.”
Goodman said Schaffner Enterprises Ltd. could not keep up with the payroll demands at the 27-apartment complex, but debts owed to the employees have been since been paid.
“All of the employees are paid, whereas before they weren’t. They’re all paid all of their wages and all of their outstanding vacation pays.”
Goodman says about 17 of Kingsway Gardens’ units are occupied, which is on par with numbers prior to his involvement with the property.
“There hasn’t been a mass exodus or anything,” Goodman said. “As the receiver we’re operating the place as best we can.”