Thursday, June 27, 2019

DePaul Healthcare Sells Senior Living Properties in New Jersey, Philadelphia

A New Jersey chain of senior assisted living facilities has sold three of its properties, one in the Garden State and two in Philadelphia, according to the broker on the deal.

DePaul Healthcare of Sewell, New Jersey, sold the portfolio to Paramount Health Resources, based in McMurray, Pennsylvania, for an undisclosed sum, according to CoStar data.

The three facilities inlcuded in the sale are:

  • Absecon Pavilion, which has 162 beds at 1020 Pitney Road in Absecon, New Jersey;
  • Angela Jane Pavilion, a 49-bed home at 8410 Roosevelt Blvd. in Philadelphia;
  • River’s Edge Nursing and Rehabilitation Center, which has 120 beds at 9501 State Road in Philadelphia.

The DePaul family, built and owned the communities for decades. At the time of the sale, the three facilities were operating at break-even, but Paramount plans to implement better marketing and services while "simultaneously creating staffing efficiencies, all of which will increase earnings," according to IPA.

Paramount – which owns and operates senior living facilities in New York, New Jersey, Pennsylvania and Maryland – completed the financing and closed the deal with the assistance of Lazmor Capital and Ziegler Investment Banking.

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