By ROCKNE ROLL
The Jewish Review
Last Tuesday, Cedar Sinai Park announced the pending sale of its campus on Southwest Boundary Street in Portland, to a joint venture between Cascade Capital Group of Skokie, Ill. and Yehuda Schmukler of Los Angeles. 
The sale includes the Robison Jewish Health Center, the Harold Schnitzer Center for Living and the Rose Schnitzer Manor assisted living facility. Cedar Sinai Park Director of Communications and Grants Sydney Clevenger said the transaction should be finalized by August of this year and that the sale price is not being publicly disclosed.
A “Path to Sustainability Update” distributed by email Tuesday, May 14, and signed by Cedar Sinai Park CEO Kimberly Fuson and board chair Steve Rallison explained that the COVID-19 pandemic compounded the difficulties of a changing market for residential care. The organization explored a variety of financial options to move forward with, the message explained, ultimately deciding to sell the campus and invest the proceeds of the sale into the Cedar Sinai Park Foundation to offer a broader range of services to the community. Once a sale was decided upon, the Board considered a number of potential buyers before selecting Cascade Capital and Schmukler.
“[Schmukler] and Cascade Capital rose to the top, due to their deep expertise in senior health care management, their demonstrated quality of care, and their alignment with our Jewish culture, values, and traditions,” the message said.
“Maintaining Jewish culture, values, and traditions was a top priority for us as we looked at potential buyers,” Clevenger said. “As Jewish owners, [Schmukler] and Cascade Capital have indicated they will carry forward the mission that our forebears set out for us a century ago. We expect that our new owners will quickly embed themselves in our Jewish community.”
Clevenger did not specify how much of the purchase price will be redirected to the foundation, saying that the funds would first be used to pay outstanding debt on the 2016 renovations to the campus’s skilled nursing wing. 
Cascade Capital Group describes itself as a “privately held healthcare real estate investment and management company, focused on maximizing the value of skilled nursing, rehabilitation, and post-acute care facilities.” Founded in 2016 by Chaim Rajchenbach and Menachem Shabat, the company currently owns more than 300 facilities in 19 states, totaling 30,000 licensed beds. 
Schmukler will oversee management of the facilities following the sale. He currently administers four other care facilities, according to Cedar Sinai Park’s website: Vancouver Specialty and Rehab in Vancouver, Wash., a facility in Los Angeles and two facilities in South Pasadena, Calif. Schmukler is also the Founder and Managing Partner of Agmen Capital, a venture capital firm based in Los Angeles with more than $40 million invested in businesses across a variety of sectors. Schmukler was an early investor in DoorDash, Instacart and Nextdoor, among other companies. 
In the short term, things should be business as usual for those living and working on Southwest Boundary Street. 
“Our residents have a home at Cedar Sinai Park for as long as they want to live here,” Clevenger said. “We anticipate all frontline staff will continue to have a job here if they want one.”
Clevenger added that Cedar Sinai Park’s current leadership team will remain in place at least until the sale is finalized – decisions after that, including any potential cost changes for residents, will be determined by the new owners. 
Without a campus to centralize programs at, Cedar Sinai Park will be taking its work out into the community – how, exactly, remains to be seen. 
“The foundation will continue to develop its roadmap in the months to come, and we will share news about the direction of the foundation as details are finalized,” Clevenger said. 
While the Boundary Street campus is changing hands, Cedar Sinai Park still has land holdings in Portland in the form of affordable housing complexes in the Downtown neighborhood. The Foundation hopes to receive increased income from those operations in the future. 
“The downtown locations are recognized as affordable housing properties eligible for Low-Income Housing Tax Credits, which naturally expire every 15 years,” Clevenger said. “These expirations present a strategic opportunity for the expanded foundation to receive financial benefit.”
For more information, see “Cedar Sinai plots path to stability,” page 12, or visit cedarsinaipark.org/path-to-sustainability.