Doylestown Hospital and Presbyterian Senior Living (PSL) said today that they have entered into a non-binding Letter of Intent in consideration of the acquisition of Pine Run Retirement Community, a 532-unit, five-star-rated continuing care retirement community in Doylestown Township.
Following the due diligence period, execution of definitive agreements, and regulatory approvals, PSL will assume ownership of Pine Run Retirement Community, including Pine Run Lakeview Personal Care. PSL intends to continue operating Pine Run as a Life Plan Community.
Facing severe financial challenges, Doylestown Hospital announced in February it planned to sell the community located on a 43-acre property along Ferry Road, as well as Lakeview, a separate memory care campus, located on seven acres, also in Doylestown Township.
According to reports of a then-recent call with investors, Doylestown Health had seen its financial reserves drop by $45 million, or 37 percent, since 2019.
Dan Davis, president and CEO said “PSL is extremely honored to be given the opportunity to become part of the Doylestown community and excited to continue the tradition of excellence at Pine Run, providing opportunities that promote aspirational aging and lives full of purpose.
“In addition, we look forward to working in partnership with Doylestown Hospital to assure ongoing quality health-care services.”
As one of the nation’s largest not-for-profit providers of aging services, PSL provides senior housing and care services to more than 6,000 residents in 30 communities throughout the Mid-Atlantic region.
Jim Brexler, president and CEO of Doylestown Health, said, “We are pleased to enter into a Letter of Intent with Presbyterian Senior Living. PSL is a nonprofit organization with a long history dedicated to operating high-quality senior living communities.
“Doylestown Hospital and PSL are both mission-driven, with shared core values and deep commitment to quality. Doylestown Hospital will continue to work with PSL to provide high-quality medical services and clinical leadership to the Pine Run community. We look forward to a long and positive working partnership with Presbyterian Senior Living.”
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