Sherburne Commons sale nears completion

By Mary Lancaster
Independent Special Writer


Nantucket (October 8, 2009) – The town and Servant Healthcare Investments, the for-profit business seeking to buy Sherburne Commons, reached significant agreement yesterday on an amended ground lease for Servant’s operation of the senior living development on municipal property.

Selectmen chair Michael Kopko said the document is now undergoing final scrutiny by attorneys and no further negotiations on the terms of the lease are expected. Once the draft lease is received and approved by the selectmen, which must occur in an open meeting, the lease will be released to the public.

Steven Cohen, a local attorney representing Sherburne Commons, which declared bankruptcy last October, said, “The number one benefit is that the facility is going to remain open with first class services to be provided to the residents with no cost to the town or the taxpayers. The selectmen negotiated a tough lease that puts in place several protections and oversight controls by the town, and contains several financial and other benefits for the town in recognition of the use of town land for this facility by a for-profit company instead of a nonprofit.”

Cohen said paperwork for the bankruptcy auction of Sherburne Commons went to the bankruptcy court judge last Friday. If there are no bidders on the development other than Servant, no auction will be held. In that event, the judge simply approves the sales order. The transaction is anticipated to take place within two weeks.