Sale of the mortgaged Kcare Assisted Living facilities in Lac du Flambeau, Lake Tomahawk, and Minocqua operated by Tim and Patricia Koenig was approved in Vilas County court Thursday(7/28) and will remain operational according to the successful buyer, Lakeshore Assisted Living of Ashland.
The 83 licensed beds were owed $2.3 million to Firstmerit Bank of Akron, Ohio who has tried to find a buyer for almost two years. They had six potential buyers visit the facility with Lakeshore Assisted Living of Ashland depositing $350,000 and an additional $50,000 operational funds while the license transfer is sought.
While Vilas County Judge Neal Nielsen questioned the offer, the attorney for Firstmerit indicated the bank didn't want the expense of shutting the operation, wanting finality, and this was the best way out.
Lakeshore Assisted Living operates 51 beds in Ashland.
