By Sara Beth Williams–
The Courte in Citrus Heights has been listed for sale, according to commercial real estate site LoopNet.
The Courte at Citrus Heights is a 48-unit, 27,768-square-foot senior living community located on Sunrise Boulevard specializing in memory care, with an 87 percent occupancy rate according to the listing description. The facility opened in late 2016 after being approved in early 2015.
According to the listing, Hilco Real Estate Sales is accepting bids for the memory care facility until June 12 at 5 p.m. Central Standard Time. On-site inspections will be held by appointment only.
Bids should be submitted via email as a letter of intent, outlining the purchase price, earnest money deposit, and closing timeline, according to the listing brochure from Hilco Real Estate Sales.
A lawsuit was filed against the facility in January, in which Beyond Loan 5 LLC alleged a loan default. An amended motion filed Feb 12 in Sacramento County Superior Court against The Courte in Citrus Heights asked the court to appoint a receiver to manage the facility, with agreement from the borrower, according to the Sacramento Business Journal.
The suit states that a receivership would avoid formally foreclosing on the property, which could take several months, would “compel a quicker resolution, and would also ensure continued care of current residents at the memory care center.
According to the original suit filed on Jan. 22, Citrus Heights Memory Care LLC, based in Oregon, borrowed $8 million in May 2024 from Beyond Loan 5 LLC, the plaintiff in the suit. The loan was attached as a lien on the property.
Citrus Heights Memory Care paid “little” toward the cost of the $8 million loan and has also defaulted on an original loan, along with closing costs, for a total unpaid balance of more than $9 million, the lawsuit claims.
Management at The Courte in Citrus Heights said in a phone call in February they do not handle media inquiries and directed requests for comment to Frontier Senior Living.
A website for the Citrus Heights Memory Care no longer appears to be active but instead redirects parties to Frontier Senior Living, which manages the care center. A location search on the senior living management company’s website does not show a location for The Courte in Citrus Heights.
Frontier Management, located in Dallas, Texas, did not list any contact information other than a physical address.
The Courte in Citrus Heights has been listed for sale, according to..
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