Certus Financial Uses Receivership to Complete Successful Turnaround of Roseville Senior Living Community

102-unit Preserve of Roseville entered Receivership at 24 percent occupancy with significant operational challenges and left Receivership fully stabilized, resulting in a successful asset sale

Certus Financial has successfully completed the turnaround of The Preserve of Roseville, a 102-unit senior living community in Roseville, MN that offers Independent Living, Assisted Living, and Memory Care. Following the stabilization of the community, Certus structured the sale to a strong owner-operator, resulting in the community now being positioned to provide years of valuable service to the surrounding community.

Certus was appointed Receiver for the property in January 2024 after years of operational decline and financial challenges, leaving the community with just 24 of 102 rooms occupied. The property also faced significant staff turnover, quality of care concerns, a damaged reputation, deferred maintenance, lack of leadership onsite due to frequent management changes, and instability with vendors. 

“With our deep senior care experience, we were able to identify what was needed for the community to thrive, and build a comprehensive plan to get it there,” said Will Haase, CEO of Certus.

First and foremost, the plan included identifying a care-focused, onsite management group (Progressive Care Mgmt.) to address quality of care, reviving onsite morale, and building new programming. Certus’ marketing plan included a new website and sales collateral, touting building maintenance and new care plan offerings. The new team also addressed critical staffing and operational issues, while rebuilding confidence among residents, families, employees, and referral sources.

"We have a history of using Receivership as a place to fix and improve value, rather than just liquidate.  With the support of the lender, this strategy was implemented and the results were quite successful,” said Haase.  

“This engagement as Receiver included a Class A, high-quality asset that was only four years old and located in a strong market”, added Logan Zick, Director at Certus Financial. “There were many challenges when we arrived. We needed to overhaul operations, restore quality of care for the resident base of vulnerable seniors, rebuild the culture, and regain the confidence of the local market.”

Rebuilding the Community and Its Reputation

The team focused on improving experiences inside the community, refreshing areas of the building, leveraging the beauty of the adjacent nature preserve, and rebuilding its brand in the local market.

“We implemented a comprehensive sales and marketing strategy to demonstrate to the community it was a new day,” added Val O’Reilly, Marketing Specialist with Certus. “Everything from enhancing resident activities to better communicating operational improvements being implemented onsite ultimately enhanced resident satisfaction and filled the community!  We had to create a community where people wanted to live, where employees wanted to work, and where families felt comfortable and confident moving a loved one.”

Community Stabilized, Asset Value Restored

From a low point of approximately 24 percent occupancy, the community's census steadily climbed throughout the turnaround, adding 80 new resident move-ins in one year, concluding at more than 90 percent when the property sold on July 14, 2026, well on its way to full occupancy. 

These efforts resulted in a sale to Great Lakes Management, a growing and reputable Twin Cities-based senior living owner-operator. The buyer was viewed as a particularly strong fit because of its local presence, existing nearby operations, and ability to leverage demand from its existing network and waitlists.

The process implemented realized “a double” in the community’s value compared to the commencement of the Receivership and enabled the creditor group to achieve a par-plus recovery.

“The key to this success story is our experience with Receivership, while also having expertise in the senior care industry, allowing us to assess and determine how to achieve stabilization - knowing what tools to use and how, when a community has failed,” concluded Haase.  “In the moment, when the outlook is bleak and most panic and run from the problem, which compounds the issue, you need to lead. The more typical path in receivership is to simply move toward a sale. Instead, the lender supported our plan to heal the community first, while obtaining a far superior outcome for all involved: residents, families, staff, and the creditors.”