Staff, residents optimistic about the future
By: David M. Campbell
PLAINSBORO – Despite uncertainty surrounding the pending sale of The Windrows at Princeton Forrestal assisted-living facility, some staff and residents say they are optimistic about the future.
Harris Schwartzberg of Schwartzberg Associates, a continuing-care company based in White Plains, N.Y., told The Packet on Monday that his company is in final negotiations to acquire Windrows from Massachusetts-based CareMatrix Corp. The 588-unit Windrows facility opened in the fall of 1998 in the Forrestal complex off Route 1 and is the largest assisted-living facility in the Princeton area.
As part of the sale, Schwartzberg Associates would acquire the 180-bed Forrestal Skilled Nursing and Rehabilitation Center at The Windrows, Mr. Schwartzberg indicated Monday.
Athena Health Care Systems, the management company hired by CareMatrix in 1998 to run the rehabilitation center, has been asked by CareMatrix to discontinue services upon completion of the sale, Timothy A. Brown, director of marketing and public relations for Athena, said Wednesday. It will be up to Schwartzberg to hire a new management firm for the center, he said.
Christine Dwyer, project director of Windrows, said the sale will not have a negative impact on residents.
"If there is any change at all, it will be positive change," Ms. Dwyer said. "I think there was apprehension about CareMatrix because of the stock dropping, and this (the sale) should alleviate fears about the health of the CareMatrix company. We kind of suffered from that."
Ms. Dwyer said Schwartzberg has "made abundantly clear" to all Windrows employees that their jobs will not be jeopardized by the impending sale. The facility has 18 employees, Ms. Dwyer said, and is expected to employ up to 58 people when the apartment complex opens.
According to Ms. Dwyer, the nursing and rehabilitation center is owned directly by CareMatrix. The 588-unit Windrows at Princeton Forrestal facility, which consists of 294 condominium homes, 102 single-family villas and townhomes and a 192-unit apartment complex, is owned separately by CareMatrix Chairman and CEO Abraham Gosman, she has said.
The deal would bring all the Windrows facilities under the single ownership of Schwartzberg.
"If this does go through, this will be healthy for us, because it will allow for the seamless delivery of all the services," Ms. Dwyer said.
There are about 76 residents living in houses and townhomes at Windrows, Ms. Dwyer said, and about 120 new residents are expected to move into the apartment complex. The 180-bed nursing home is about 95 percent full but occupancy fluctuates, she said.
Some current and future residents at Windrows said they are not worried by the impending sale.
Cynthia Minor, who moved into one of Windrows’ townhomes last year with her husband, Cal, said she has had no complaints, and doesn’t expect the sale to have any effect on her and her husband.
"Things are going well, and we have every expectation that that will continue," Ms. Minor said.
Betsy Petty of Princeton Township said she has been waiting for about six months to move in to Windrows, but that has not affected her high regard for the staff there.
"They’re trying to help us. They have wonderful people working there," she said.
Sally Chandler of Princeton Township and her husband, George, signed up last fall to move into their apartment, and were told by Windrows they could move in this past spring, but they are still waiting, Ms. Chandler said. Despite the delay, Ms. Chandler said she is happy with Windrows.
"I can tell you the people working for Windrows are very fine people," she said, adding that she couldn’t comment on the impending sale of the complex because she hadn’t been aware of it.
Ms. Dwyer said delays in opening the apartment complex, called Windrows Hall, were not related to the impending sale. Rather, she said, the delays were the result of typical finishing work at the apartment complex.
In July, CareMatrix issued a revised financial statement reporting net losses of $184.9 million. The company’s stock value had dropped from its 52-week high of about $13 per share to 72 cents at the close of business Monday.
Mr. Gosman has said those issues would not affect Windrows because the Plainsboro facility is now owned independently of CareMatrix, by a separate company that he owns. Mr. Gosman did not return several phone calls this week.