Upscale Retirement Communities in Sumner Facing Foreclosure

KBC of Belgium (New York branch) has filed foreclosure proceedings against upscale retirement communities in Sumner. The bank asked Judge Thomas Teodosio to allow the non-profit owner of the unit (Sumner on Ridgewood) to act as court receiver and see to the marketing and sale of the estate. The matter will be taken up Summit County Common Pleas Court.

Sumner has fallen behind by nearly $1.5 million including mortgage dues and other charges. Sumner is also defaulting in about $4 million property taxes and penalties connected with interest. The outstanding debt on the mortgage is approximately $34 million. The trustee board of Sumner readily agreed to the appointing of Jeffery T. Heintz partner of Brouse Mcdowell (law firm) as independent receiver. Heintz together with Sumner trustee chairperson Wane Rice met the residents occupying the communities to assure them that there would be no let down of services on their part due to this foreclosure hassle. Heintz reiterated, “The goal of everyone is to have this facility, in its current form, exist in perpetuity on solid financial footing.” 85-year-old David Wilson, the treasurer of association of residents, echoed these sentiments. Wilson’s wife said that they were not unduly worried or concerned – they will just “wait and see.”

When the campus on Ridgewood Road opened in 2003 the Wilsons were among the first occupants. Hitherto Sumner had operated a nursing home on Merriman Road. This was later expanded to become this new retirement community in Copley Township. It stands on 64 acres and has 180 residents. There are 22 villas (ranch style), 79 independent apartments, 40 assisted living quarters and 48 nursing home beds with skilled personnel in attendance. There are also centres for fitness and meditation, in-house television station, pools, auditorium, library, computer point, beauty salon, shop as well as deli.

Foreclosure sneaked in when from late 2007 Sumner failed in making necessary payments. Negotiations continued through 2008. Two prospective buyers had come forward but ultimately it did not materialize. Sumner has been very open about the foreclosure related matter and kept the occupants informed about the developments. Douglas Mansfield, attorney for KBC bank opined that the best thing would be to sell the retirement community to a buyer who would be able to maintain its high standards. A broker would have to be located to market and sell the prestigious unit. The County entertains the first lien on the estate.

New York Bank Foreclosures by Top Counties

• Erie Bank Foreclosures
• Monroe Bank Foreclosures
• Suffolk Bank Foreclosures
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• Nassau Bank Foreclosures

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