Meredith Bay Colony Club. Courtesy of Meredith Bay Colony Club.
The Taylor Community, the largest elder care and retirement community in the Lakes Region, may be getting bigger pending a decision by the state to accept its acquisition of Meredith Bay Colony Club in Meredith.
The Taylor Community, a nonprofit reporting $22.9 million in revenue in 2022, has three locations in Laconia and Wolfeboro that provide independent living, as well as assisted living and healthcare services. The Laconia campus is 107 acres and in 2021, Taylor purchased the Sugar Hill Retirement Community in Wolfeboro. Last year Taylor opened a 65,000-square-foot facility in Wolfeboro’s Back Bay. Taylor has a total of 278 independent living units, 80 assisted living units, 23 memory care beds and space for 52 residents who require nursing care.
Taylor Community President and CEO Michael Flaherty says Meredith Bay approached Taylor a couple of years ago about acquiring the property but discussions dropped off until November 2023. Meredith Bay has been in financial distress for several years and was 76% occupied in March.
“We did have interest at that time and finally reached a verbal agreement with them,” Flaherty says, adding that all of the contracts of the 80-plus residents at Meredith Bay will be honored pending the state’s approval.
The Taylor Community agreed to provide working capital as needed ahead of the closing to ensure that Meredith Bay can continue operations until the close of the transaction. The merger could be finalized by October.
Bruce Wennerstrom, manager of Meredith Bay, says the state’s Insurance Department has been supportive and he hopes the acquisition will be approved soon. “This will be a win-win for everyone, for Meredith Bay, the Taylor Community and all of its employees.” he says.
Meredith Bay includes an 118,849-square-foot building, built in 2008, with 41 independent living apartments, 20 assisted living units and 24 memory care units. It also has 18 undeveloped acres.
The expansion into Meredith would keep with Taylor’s strategic plan, Flaherty says, which involves the creation of a healthcare facility in Laconia. “Meredith Bay is a great product if managed properly,” he says, adding that employees at Meredith Bay will be able to transition seamlessly. For more information visit taylorcommunity.org and meredithbaycolonyclub.org.