Hilco Real Estate announced Sept. 14 as the qualifying bid deadline for the bankruptcy sale of a previously operating skilled nursing facility in Springfield, MA.
The three-story building has been well-maintained and boasts 56 rooms, 110 parking spaces and was once licensed for 160 beds. This site offers a significant capacity for providing comprehensive care to patients – ensuring the potential for a healthcare facility that meets the needs of the community. Investing in a healthcare facility in Springfield means joining a thriving medical community and tapping into a network of collaboration and expertise.
With the site being at the end of a cul-de-sac in a residential area and featuring a versatile layout with ample parking spaces, it presents an opportunity for creative repurposing. Developers can consider converting the building into multifamily apartments or dormitories due to Springfield’s thriving student population. The city has 15 universities in the surrounding area and four colleges directly within its borders. Investors have an excellent opportunity to possibly adapt the property to cater to this lucrative market segment, capitalizing on the city’s educational landscape and allow for a steady stream of rental income.
“Whether you envision transforming it into a cutting-edge healthcare facility, creating a vibrant living space or contributing to the growing student housing demand, this property allows you to play a part in shaping the future,” Terry Rochford, senior vice president of business development at Hilco Real Estate, said. “The adaptability of this property offers a range of possibilities to meet market demand and maximize returns on investment.”
“Embracing this opportunity holds immense potential,” Jonathan Cuticelli, vice president at Hilco Real Estate, said. “Investing in this property is not just about the physical space; it’s about investing in the well-being of individuals, the growth of a city, and the potential for positive change.”
The sale is being conducted by Order of the U.S. Bankruptcy Court District of Massachusetts (Springfield) Bankruptcy Petition No. 23-30136, In re: Chapin Center RE LLC.