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West Side Real Estate News & Notes

10/18/2012 - West Side Leader
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By Staff Writer

Sumner on Ridgewood sale approved; name to change

COPLEY — After four years of being in receivership, Sumner on Ridgewood senior living community will be sold to a Pennsylvania company.

Executive Director Tom Miller said the sale of Sumner on Ridgewood to Concordia of Ohio will be effective 30 days after the order has been signed. Summit County Common Pleas Court records show that Judge Thomas Teodosio signed the order approving the $23 million sale Oct. 9.

Miller said there are no plans to change the day-to-day operations, and staff will remain in place at the Ridgewood Road community, but the name will change to Concordia at Sumner.

He added that Concordia, which operates several senior living communities in Pennsylvania as Concordia Lutheran Ministries, plans to do some renovations at the Copley community.

Miller also said that the Copley location is the first in Ohio for the nonprofit.

According to court records, KBC Bank foreclosed on Sumner on Ridgewood in August 2008. Attorney Jeffrey Heintz, of Brouse McDowell, was appointed as receiver over the assets. This year, Heintz secured the services of a real estate firm to market the community for sale, and nearly 200 potential buyers were contacted in the process, court records state.

Out of 37 buyers that expressed interest, five submitted letters of intent in purchasing the assets. Four submitted bids, ranging from $20 million to $23 million. Based on several points, Heintz selected Concordia of Ohio.

As part of its agreement, Concordia also agreed to pay Copley Township $22,910 plus interest for income taxes owed for the first quarter of 2005, according to court records.

 

Kathleen Folkerth contributed to this report.

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