A letter to the editor in this week’s Cascade Pioneer raises the possibility of the sale of Shady Rest Care Facility.
Cascade resident Rob McNally’s letter states that “the Board of Directors of Shady Rest Care Facility have decided to sell the nursing home (NF) to an undisclosed purchaser.”
The buyer of the facility has not been announced.
In his letter, McNally questions the timing of the decision, saying, “After weathering the storm that was 2020/COVID, to be emerging, per the board ‘with minimal debt,’ there would seem to be no reason to rush to sell.”
According to the letter, shareholders were informed of the decision to sell in late April, with a decision to accept the sale to be voted on in mid-June.
The net accessed value of the building and grounds is $2,575,720. McNally is concerned that price doesn’t reflect the value of the business, supplies and account receivable. “The stated price is significantly lower than that. Pennies on the dollar lower,” he said in the letter.
Shady Rest Care Center was founded in 1972. On their website it states, “It is home to seniors who place a high value on their independence, friendships, healthy lifestyles and medical care. Our goal is to enrich the aging experience by providing opportunities for active, engaged and purposeful living. This benefits not just our residents, but also their families, our staff and the greater community.”
Shady Rest Care Facility board members did not comment on the rumored sale.
McNally’s letter can be found on page 4A.