Sherman & Roylance Facilitate Successful Sale of West Orange Senior Living Community

A new chapter is starting for a West Orange, NJ, senior living facility. The former Canterbury Village, a 44-unit, 53-bed assisted living community, has been purchased by a private senior living operator led by industry veterans Scott Burman and Lorne Schechter.

Canterbury Village closed its doors in mid-2023 and was owned by Provident Bank at the time of the sale. George Bingham of Sherman & Roylance represented Provident in the final closing sale of this senior living facility.

Canterbury had been operated previously as an affiliate of not-for-profit Heath Village of Hackettstown, NJ. The single-story building boasts over 30,000 square feet of space on a generous 2.0+ acre parcel.

While the terms of the transaction remain confidential, the new owners are enthusiastic about their plans for the property. They intend to invest in significant renovations, modernizing the space while retaining its use as a senior living community.

George Bingham played a key role in facilitating Heath Village’s deed-in-lieu transfer to Provident Bank, leading the team in finding the buyer and navigating the sale and closing. “This complex, multi-step transaction signifies the continued resilience and growth of the senior living sector," said Bingham. "We're confident that the new owners have the vision and expertise to create something truly special in West Orange.” Considering your property's exit strategy in 2024? Sherman & Roylance offers complimentary business valuations to owners of senior living communities interested in exploring their options. For more information, please contact:

• George Bingham
• Phone: (917) 968-2503
• Email: gbingham@srseniorliving.com