17 Mar 2017
The community was in dire straits. Opened in 2002 as a high-end senior living residence, it was struck hard by the big recession and struggled to remain afloat. Repair work was at a standstill, residents were needing more services, the parent corporation was also suffering from the economic downturn. And then, bankruptcy proceedings commenced. These were the circumstances surrounding Valhalla’s Westchester Meadows just a year ago.
The close-knit group of residents kept busy but, understandably, were concerned the community would shut down; they would lose their entrance fees and need to find new homes.
Two bidders came to the table and the judge would now decide which bid was best for the residents. Beth Goldstein, CEO of Bethel Homes, a not-for-profit with a 100-year plus history of providing quality care and service in Westchester, presented their plan to the court.
Goldstein’s vision was to have the community move forward as a CCRC: a Continuing Care Retirement Community that accommodates residents’ changing needs – from independent living to assisted living, or nursing home care if it becomes necessary – all on one main campus. According to Goldstein, “ Bethel has the economies of scale, due to our other properties, to make it all work.”
The acquisition was finalized on November 1, 2016 and the community was renamed The Knolls, a nod to the hilly area on which it sits.
Bethel is investing $6 million into The Knolls. They have already started renovating common areas and the apartments, which range from 700 sq ft one bedrooms to 1,800 sq ft two bedrooms/two baths, are getting makeovers: new appliances, new kitchen cabinets as needed, granite countertops, new carpeting, and new bathrooms.
For Goldstein, the acquisition is a validation of Bethel’s recognized commitment to Westchester and, she says, “It reinforces the concept of a CCRC and the lifestyle and security they [residents] are buying into.” And if they get sick, they don’t need to leave the community.
For more information or to schedule a tour of The Knolls, call 914-721-0855.