Second part of Oaks sale now complete
By Jessica Brodie
A two-part sale of The Oaks—a former United Methodist-affiliated senior-living home in Orangeburg that had been about $17 million in debt—is now complete.
On March 1, the second part of the closing of the sale of The Oaks’ assets occurred with the sale of the PACE program, Program for All-Inclusive Care for the Elderly, to The Oaks of Orangeburg LLC.
The first part of the sale, that of the retirement community itself, occurred last spring, March 31, 2021.
Andy Cox, former president and chief executive officer of The Oaks, said when The Oaks Board of Trustees decided on this course of action, the goal was to see their ministry to seniors continue though through new ownership. With the closing of the sale of the PACE program, Cox said, this goal is accomplished along with relieving The Oaks of its liabilities.
The final step is the process of closing the corporation, which the Methodist Oaks Board of Trustees will proceed with over the next number of months.
“I am thankful to the Board of Trustees for their faithful service and continued focus over this long and arduous process,” Cox said.
Clay Fowler, owner and operator of Orangeburg’s Longwood Plantation Assisted Living and Magnolia Place Memory Care, is the manager of The Oaks of Orangeburg. He’d reported last year that the conclusion of the sale meant the Methodist Oaks wouldn’t have any remaining debt.
Cox echoed that sentiment, noting he is grateful the liabilities are no longer an issue.