Boston real estate investor Daniel Botwinik is finalizing a major investment in Rochester's senior living sector. Court filings submitted the week of December 8-12, 2025 show that Botwinik has agreed to purchase five Legacy senior living communities for $70.5 million, according to reporting from Rochester Business Journal on December 11, 2025. The closing is scheduled for December 19, 2025.
This transaction represents significant investment activity in Rochester's healthcare real estate and senior care segment, with implications for regional construction, facility upgrades, and employment in the aging-services industry.
The $70.5 million acquisition includes five senior living facilities across the Rochester metro area:
The transaction is being executed through Botwinik's entities: The Rochester Five LLC and Golden Age Properties LLC. Supreme Court Justice Daniel J. Doyle signed the order and judgment authorizing the sale on December 12, 2025, according to court documents filed in Monroe County State Supreme Court.
These properties were part of a larger portfolio that entered receivership following foreclosure proceedings initiated by the Federal National Mortgage Association (Fannie Mae) in July 2023. The facilities had been owned by Northstar Healthcare Income, Inc., a failed New York City-based Real Estate Investment Trust (REIT).
Fannie Mae initiated foreclosure after alleging NorthStar owed more than $100 million across the seven-property cross-collateralized portfolio. The receivership included five Legacy facilities, along with Cranberry Landing in Irondequoit and Grande'Vie in Penfield (which remains in receivership).
Senior Living Investment Brokerage (SLIB) managed the marketing and sales process. According to filings by Jeff Binder, senior managing director at SLIB, the firm:
A letter of intent was signed with Botwinik on June 2, 2025, and the purchase agreement was finalized on October 15, 2025.
Despite the $70.5 million purchase price, a substantial debt burden remains. More than $30 million in principal will remain outstanding after the sale closes, according to court filings. Because the mortgages are non-recourse loans, the lender has no ability to recover the remaining balance from other assets or borrowers.
This substantial debt overhang reflects the broader financial crisis that led to NorthStar's collapse. Fannie Mae's total indebtedness from NorthStar and its affiliates exceeds $800 million, according to an affidavit filed by attorney Preston L. Zarlock of Phillips Lytle LLP, the firm representing Fannie Mae in the receivership.
With this acquisition, Botwinik will own nine senior living and care facilities across the Rochester metro area. His investments in Rochester senior care include:
Botwinik's entry into the Rochester market began in July 2023 when he purchased Greece Willow Ridge Senior Living and Penfield Willow Ridge Senior Living for a combined $5.03 million from entities registered to Wegman Companies. This initial investment demonstrated confidence in Rochester's senior care market and set the stage for larger portfolio acquisitions.
This major investment transaction has several implications for the Rochester construction and real estate sectors:
Capital Investment and Renovation Opportunities: As Botwinik consolidates ownership of nine senior living facilities, opportunities may emerge for facility upgrades, modernization projects, and operational improvements at the properties. Healthcare real estate investors typically invest in facility renovations and system upgrades to enhance operational efficiency and resident amenities.
Stability for Existing Residents: The resolution of the foreclosure situation through a confirmed sale provides operational stability for residents at these five facilities and clarity for family members of residents regarding the long-term viability of these care communities.
Regional Healthcare Real Estate Market: This transaction demonstrates continued investor appetite for Rochester-area senior care properties despite financial challenges in the sector. The sale price and competitive bidding process suggest that quality senior living facilities in Rochester remain attractive investments for healthcare real estate specialists.
Market Consolidation: The transaction contributes to consolidation in the Rochester senior care market, where larger operators with financial resources are acquiring properties from distressed REIT portfolios. This trend reflects both challenges and opportunities in the sector.
According to SLIB's Binder, the sale price "maximized value for the receivership estate, creditors and other stakeholders." The purchase agreement includes no financing contingencies, demonstrating Botwinik's financial capability to close the transaction and his confidence in the properties' value and future performance.
Properties are being acquired "as is, where is, with all faults," meaning Botwinik assumes responsibility for any existing facility conditions or deferred maintenance issues. This structure is typical for acquisitions involving distressed properties in bankruptcy or receivership.
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