Doylestown Hospital and Presbyterian Senior Living announced an agreement today, for the transfer of ownership of Pine Run Life Plan Community, a 532 unit/bed, five-star-rated Life Plan Community in Doylestown Township.
The announcement did not reveal the terms of the Asset Purchase Agreement.
When asked, a spokewoman for Presbyterian Senior Living said, “We are not able to disclose the purchase price.”
Laura K. Wortman, Doylestown Health vice president, chief advancement officer, also said she could not reveal the purchase price. “Unfortunately, we cannot disclose the terms of the transaction until we move through the required regulatory period and complete the sale,” she said. “Timing is likely third quarter of calendar year 2023.”
The nonprofit Presbyterian Senior Living (PSL) intends to continue operating Pine Run LPC as a Life Plan Community under a new name, Pine Run Village.
The announcement said the agreement had been reached after an extensive evaluation period and careful consideration by both parties.
Doylestown Hospital will continue to work jointly with PSL to offer high-quality medical services to the Pine Run Villagers and residents, the announcement said. As part of the Pine Run purchase agreement, the announcement said, Presbyterian Senior Living will honor the contracts of current Villagers and residents.
In March, Doylestown Hospital and Presbyterian Senior Living entered into a nonbinding Letter of Intent in consideration of the acquisition of Pine Run LPC. Following receipt of regulatory approvals and other customary closing conditions, PSL will assume full ownership of Pine Run LPC, including Pine Run Lakeview Personal Care.
Dan Davis, president and CEO of Presbyterian Senior Living said “Presbyterian Senior Living is grateful to all the people that have worked diligently to get us to this next step. We are confident that the efforts of both organizations are leading us forward to continue the tradition of excellence at Pine Run and we look forward to the next few months as we finalize the necessary details to bring Pine Run into the PSL family.”
Jim Brexler, president and CEO of Doylestown Health, said, “During this process of due diligence, we were pleased that our early impressions of PSL were validated. PSL is a nonprofit, mission-driven organization with a long history and deep commitment to the health and vitality of seniors. We are looking forward to a positive working relationship with PSL in providing medical services and maintaining our strong connection to Pine Run.”
Headquartered in Dillsburg, Pa., Presbyterian Senior Living provides services to approximately 6,000 seniors in 30 locations in the mid-Atlantic region.
Pine Run Retirement Community includes 272 independent living cottages and 24 apartments on a 43-acre private campus. The campus is home to Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; The Garden, a 40-bed, secure memory care neighborhood on the top floor of the Health Center; and The Willows, an intimate setting for palliative services. Pine Run Lakeview is a 106-bed personal care residence on Lower State Road in Doylestown.
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