A Boston real estate investor who specializes in the senior health care sector has purchased another Rochester-area facility.
Daniel Botwinik, through Cougar Capital Management, Inc., paid $6,749,900 for the Village at Cranberry Landing, according to filings in state Supreme Court in Monroe County.
Located just off Norton Street in Irondequoit, Cranberry Landing provides assisted living and memory care for just over 100 residents.
The property has been in receivership since the Federal National Mortgage Association (Fannie Mae) initiated foreclosure in July 2023.
Cranberry Landing had been part of the portfolio of Rochester-area senior living properties owned by NorthStar Healthcare Income, Inc., a failed New York City-based Real Estate Investment Trust.
Fannie Mae foreclosed on the mortgages on seven properties, alleging NorthStar owed more than $100 million. The other collateralized properties included Rochester Park Crescent in Greece, Rochester Erie Station in Henrietta, Rochester Fairways in Victor, Rochester Grande’Vie in Penfield, Rochester Parklands in Churchville and Rochester Willow Pond in Penfield.
Michael Flanagan, the court-appointed receiver, has marketed the properties in an attempt to recoup some or all of the outstanding debt, with Blueprint Healthcare Real Estate Advisors, LLC, providing broker services, court papers show.
A sales agreement between the receiver and Cougar Capital Management on Cranberry Landing was finalized in October. The court late last month approved the sale to three LLCs owned by Botwinik: Totally Not Investing Mind, The Cape Codder and Keiselbach Landings.
The Supreme Court order authorizing the sale says the “receiver, with assistance of the broker, Blueprint, diligently and in good faith marketed the Cranberry property to secure the highest or otherwise best offer to be completed through a sale;” and that the purchase price “constitutes the highest and best offer for the Cranberry property after a lengthy marketing process.”
Botwinik now owns four area senior living communities. Through separate LLCs that he manages, he purchased Greece Willow Ridge Senior Living and Penfield Willow Ridge Senior Living in July 2023 for a total of $5.03 million from two LLCs registered to Wegman Companies. In February, Botwinik through another LLC purchased Legacy at Maiden Park from NorthStar Healthcare for $5.912 million.
A letter to Supreme Court Justice Daniel J. Doyle from attorney Preston L. Zarlock of Phillips Lytle LLP — the local firm representing Fannie Mae — said a deal also is in the works for the sale of the five other encumbered former NorthStar Healthcare properties that still operate.
The other impacted by the Fannie Mae foreclosure, Grande’Vie in Penfield, shuttered operations in early fall.
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