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May 22, 2018
Cadwalader attorneys recently represented long-time clients Field Home-Holy Comforter and Catharine Field Home in the closing of the sale of their skilled nursing and assisted living facilities, respectively, located in Cortland Manor, New York, to national senior housing operator TL Management.
Although the sales agreements were executed in December of 2015, the closings were conditioned on New York State Department of Health and Supreme Court approval on notice to the Attorney General. After almost two years of review and many months of negotiation, the Attorney General refused to endorse the sales. With the buyer’s commitment nearing expiration, Cadwalader litigators proceeded by Order to Show Cause to obtain an expedited hearing in Westchester County Supreme Court on petitions for judicial approval. Over the opposition of the Attorney General, the Cadwalader team was able to secure the orders approving the sales in a rare, contested proceeding, with the judge signing the Orders within an hour after the hearing concluded on February 23, 2018, noting “Decision to Follow” on each order. Closing of the transactions took place on April 12, and Justice Mary H. Smith issued the Court’s Decision on May 21, 2018.
The closing team was led by Corporate partner Stephanie Marcantonio, with assistance from associate Michael DiFiore and senior attorney Marsena Farris. The Litigation team was led by senior counsel Kathy Chin, with support from associates Jared Facher and Hyungjoo Han and input from Corporate partner Paul Mourning.
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CREFC is the trade association for the commercial real estate finance industry.