The Weinberg Campus has finished receiving initial offers from bidders interested in buying part or all of the 100-acre senior living community in Getzville, the chairman of its board told The Buffalo News.
Kenneth A. Rogers would not say how many bids the organization received, nor describe them in detail, but confirmed the bidding period had closed.
“We probably got fewer bids than we expected, but we got enough bids,” Rogers said.
Weinberg’s broker, the investment banker Institutional Property Advisors, a division of Marcus & Millichap, is going back to the institutions and companies that made the offers to clarify their bids, he said. Based on those follow-up discussions, Institutional Property Advisors will make a presentation to the board laying out Weinberg’s options.
Rogers said the organization remains on track to make a decision about its future by the end of the summer.
Weinberg Campus officials said in December that they were weighing options up to and including the sale of the entire property, but they insisted the campus would remain open no matter which strategy they chose to pursue.
They blamed operating losses over the past several years, lower reimbursements from the federal government, demographic changes in the area, the growing wish of seniors to live longer at home and other trends in the health care industry for the need to take radical steps to secure the campus’ future.
Weinberg began serving the elderly, primarily Jewish, population of Buffalo a century ago. It moved from its longtime Symphony Circle home to North Forest Road in 1993. Today, Weinberg serves Jewish and non-Jewish residents in a rental community with no entrance fee. It has 14 buildings with nearly 800 living units, along with about 500 employees and 750 residents and clients.
Weinberg has an operating budget of about $33 million. It lost money in 2013, 2014 and again last year.