We wanted to share some news with you. Friendship Retirement Community has recently made a decision to acquire Richfield Living. The move comes as Richfield is dealing with a significant amount of debt, and this acquisition will provide them with the necessary financial support to overcome this challenge.
Friendship Retirement Community and Richfield Living are currently the two largest not-for-profit retirement communities in the Roanoke Valley, together caring for around 1,500 residents. In the next couple of months, they will merge into a single organization under Friendship’s leadership.
Both communities have their main campuses about 20 minutes apart on opposite sides of Roanoke County. They offer a wide range of retirement services, including nursing care, assisted and independent living options, memory support care, and other related services.
Richfield Living faced financial difficulties when they embarked on the ambitious project of upgrading their nursing home and building new independent living apartments. The challenges were exacerbated by the impact of COVID-19, leading to budgetary issues.
The exact terms of the acquisition were not disclosed during the announcement. However, this strategic move is expected to have a positive impact on the future of both communities and the residents they serve.
If you have any questions or need further information, feel free to reach out. We’ll keep you updated on any developments as this exciting transition takes place in your newsletter!
