1243 W Main Street - Crescent Manor, Waterbury, CT

Crescent Manor, the former nursing home in Waterbury, Class A, brick & block built in 1963 with upgrades, +/-35,000 sq.ft., now fully vacant, last patients transferred in December 2009; 52 bedrooms, previously licensed for 119 patients, with full commercial kitchen & full commercial laundry both in place on the ground floor, day rooms, dining rooms, recreation rooms, physical therapy & occupational therapy rooms (with equipment in place), etc.; 3 stories, 2 elevators, 100% A/C (corridors and common areas, not rooms), 100% sprinklered; zoned moderate density residential, (RM), so residential uses are permitted. Parking is limited, yet another reason for maintaining a senior population either as ALF and/or independent living, since the parking ratio in age-restricted properties drops from 1.2 spaces per unit to 1 space for every three bedrooms.

Affinity Healthcare, the nursing home operator/owner went out of business, lost the nursing home license, private lender foreclosed, lender now selling, will do new first mortgage, would also consider a lease, lease with option.

Property is on a bus route, immediately adjacent to a complex of doctors' and medical offices, municipal park & TD Bank branch across the street, plazas with 24 hour CVS, Dunkin' Donuts, etc., next door, walking distance (0.5 miles) to Waterbury Hospital , the region's largest healthcare facility. Located within one-tenth mile of I-84, Exit 18.

Not only is this property is well-suited for senior congregate living, senior apartments, and assisted living facilities. Based on conversations I've had with the VA who advised me that Waterbury is underserved for veterans' supportive housing (VASH), we could also explore using some of the building for veterans' housing, both transitional and permanent, especially for senior veterans. The director of housing programs for the VA is a long-time colleague, and I'd be happy to make an introduction for you.

Sale Notes:
$1,500,000

Former nursing home, 52 bedrooms, full kitchen, recreation, physical therapy and common rooms; nursing home operator failed, lost license, lender just foreclosed. Building ready for immediate occupancy as senior congregate living, assisted living or independent apartments. Lender would consider new first mortgage to qualified buyer, also JV or lease; local non-profit housing fund would also consider financing acquisition and/or rehab.
High-visibility location 0.1 mile of I-84, Exit 18; CVS & Dunkin' Donuts, medical offices, TD Bank on adjacent parcels, municipal park across street; within 1 mile of Waterbury Hospital.