Doylestown (Pa.) Health is looking set to sell its Pine Run retirement community as it seeks to raise funds in a battle to become more financially secure.
Dillsburg, Pa.-based Presbyterian Senior Living has signed a letter of intent to buy the 532-unit community, according to a March 31 phillyburbs.com report. Doylestown Health, which reported an operating loss of $24.3 million for the fiscal year ending Sept. 30, said in February it aimed to sell the community.
Such a move would fit two criteria for Doylestown: selling to an expert in the sector and retaining the ability to offer health services at Pine Run.
“It’s going to have to be a well capitalized group with expertise,” CEO Jim Brexler recently told Becker’s. “And we would want a long-term contract to deliver our medical services to the villagers we serve there.”
Any sale to Presbyterian is expected to take at least a few months, and its offer remains nonbinding, the report said. Doylestown Health has evaluated other offers for Pine Run, Mr. Brexler has said.
