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Ascent by way of Assignment
Turning around a troubled Psychiatric Residential Treatment Facility
In 2021 a state-of-the-art Psychiatric Residential Treatment Facility succumbed to revenue, programming and employment challenges resulting in bankruptcy of its parent corporation less than 18 months after opening.
Certus became receiver in July 2021, immediately conducting due diligence for a specialized operation, retaining key personnel, and redeveloping relationships necessary for success of an operator qualified to administer this specialized care. Certus took a multi-agency approach, working with City, County and State officials to secure support for CUP, tax exemptions and operating support for a State RFP. Certus conducted a national search, recruiting qualified operators able to meet State RFP requirements and purchase the asset. The negotiation process went well beyond the transaction, with Certus translating operating needs, community benefits and legal requirements to all levels of government, industry participants and regulators.
The effort resulted in a successful exit for bondholders, a qualified licensed operator performing above forecast, and the return of needed adolescent behavioral health to the state.
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