The recent transfer in ownership of The Atrium at Cardinal Drive in Agawam, a congregate housing complex for the elderly, should not mean any changes for the complex, according to an official.
AGAWAM – The Atrium at Cardinal Drive, a 44-unit congregate housing project for the elderly, has acquired a new owner as part of a $890 million recapitalization deal, according to an official involved in the transaction.
Thomas H. Grape, chairman and chief executive officer of Benchmark Investments in Wellesley, said his company now owns the local property with Health Care Reit Inc. of Toledo, Ohio, as a partner and well as with 153 Cardinal Drive Agawam LLC.
The sale involved a total of 34 senior housing projects, according to him.
The sale was basically Benchmark refinancing its mortgage, he said.
ãWe just have a different partner,” Grape said.
The facility at 153 Cardinal Drive will continue to be run in the same manner as previously and there should be no changes noticeable to the public, Grape said.
The sale involved the local complex selling for $3,964,170, according to records on file in the Assessors Office in Town Hall.
The group of assets involved, including independent living, assisted living, memory impaired and respite stay communities, are in six New England states, according to information on the Commercial Property Executive Web site.
The majority of the Benchmark properties is located in Connecticut and Massachusetts, where there are 14 and 13 properties, respectively. There are three in Rhode Island, two in New Hampshire and one each in Vermont and Maine. They have an average age of 12 years.
Assessors records state that the Agawam property is valued at $3,775,400. It consists of six acres with a building with 44 units, 45 bathrooms and four half baths.