CUMBERLAND – An assisted living facility property known as Chapel Hill in Cumberland was purchased recently for $6.2 million by a limited liability company affiliated with a Maryland-based health care company known as Meridian Senior Living, according to public records.
MSA Chapel Hill Holdings LLC purchased the 10 Old Diamond Road property for $6.2 million from two other limited liability companies that had a split interest in the facility, MStar RI Portfolio Owner LLC and MStar RI Portfolio TIC Owner LLC, according to a quit claim deed, which is a public record of the property sale.
The property was originally known as Emerald Bay Manor. But in recent years, it has been operated as Chapel Hill Senior Living, which is the name the facility still retains under this new property ownership arrangement.
Meridian Senior Living, which manages about 40 senior housing sites spread across more than 15 states, said it originally took over management of the facility in 2018 in a partnership with New York City-based real estate investment firm GMF Capital, according to a company news release from the time.
The newly formed entity, MSA Chapel Hill Holdings LLC, is now the sole owner, and is tied just to Meridian, which is led by co-CEO and President Robert Sweet.
The 115,000-square-foot facility in Cumberland, constructed in 1999 on a 10-acre site, contains 108 assisted living beds and 30 skilled nursing beds, according to the company. The Cumberland property also features an indoor heated pool with skylight, pool deck and Jacuzzi spa, according to Meridian.
The building and land were most recently valued by Cumberland assessors in 2021 as being worth $15.4 million, according to the town’s online property assessment database.
Marc Larocque is a PBN contributing writer.
