The Weinberg Campus expects to wrap up negotiations on a purchase agreement in the next few months, the chairman of the board of the senior living community in Getzville told The Buffalo News.
Kenneth A. Rogers said campus officials are in talks with more than one prospective buyer, though he declined to disclose how many.
Weinberg includes a number of nonprofits providing a host of services to seniors on- and off-campus. They range from home health care to skilled nursing and rehabilitation.
Because so many agencies are represented at Weinberg, prospective buyers are negotiating to purchase portions of the campus' operations, Rogers said, and that's why talks are taking some time.
"It's a very complicated process," he said.
Rogers said he expects the Weinberg board to be in position to approve a purchase agreement, or agreements, with buyers within two or three months.
At that point, the campus will submit the documents to state regulators, including the state Health Department, for their approval. That's when information on the buyers' identities and plans for the site would become public.
The Weinberg Campus under the new ownership, Rogers said, "won't look all that different than what it looks like today."
That's been the consistent message Weinberg officials have given since announcing in December 2015 that it planned to hire an investment firm to explore all of its options up to, and including the sale of the 100-acre site.
Board officials cited operating losses over the past several years, lower reimbursements from the federal government, demographic changes in Western New York, the growing wish of seniors to live longer at home and other trends in the health-care industry in prompting Weinberg to take steps to secure its long-term prospects.
The board of directors in March said it had hired Institutional Property Advisors, a division of Marcus & Millichap, to market the campus to potential buyers.
By July, the bidding period had closed and the campus had begun weighing the offers it had received.
Rogers said he expects the campus won't receive final approvals for the sale until 2018.
Weinberg Campus has 12 buildings on its North Forest Road campus, and a 13th at its Greenwood Residences in West Seneca. There are nearly 800 living units, about 500 employees and 1,300 residents and clients including those served by Fallon Health Weinberg, which serves people in their home.
The campus has a budget of about $33 million annually but has lost money each year since 2013.