Pine Run Retirement Community
Member of Doylestown Health
$80,600,000
Disposition of a 532-Unit Life Plan Community
The undersigned served as exclusive financial advisor
Kaufman Hall
Transaction Overview
Kaufman Hall and Associates, LLC (“Kaufman Hall”) served as exclusive financial advisor to Doylestown Hospital (“DH” or the “Hospital”) in connection with the disposition of DH’s 532-unit/bed life plan community (LPC) (“Pine Run LPC”) situated across two campuses in Bucks County, PA. As described below, Pine Run LPC received strong interest and the sale of the LPC will infuse significant liquidity onto DH’s balance sheet while removing a non-core asset.
Kaufman Hall’s Role
On behalf of DH, Kaufman Hall conducted a competitive sale process and contacted more than 75 potential buyers including for-profit operators, REITs, private equity and not-for-profit senior living systems. Pine Run LPC garnered robust interest from a diverse group of bidders, and Kaufman Hall received more than a dozen initial offers. A handful of finalists were invited to the second round and conducted detailed due diligence and site visits. DH selected Presbyterian Senior Living (“PSL”), given the strength of their offer, which included funding the purchase price through PSL’s BBB+ rated Obligated Group, providing greater certainty to closing.
ABOUT THE COMPANIES INVOLVED
Kaufman Hall
For more than 30 years, Kaufman Hall has provided independent, objective insights to assist clients in fulfilling their missions, achieving their goals, and tackling their toughest problems. Kaufman Hall’s real estate practice provides transaction advisory services to many of the nation’s top healthcare providers and developers/investors of healthcare real estate. Kaufman Hall’s focused model provides clients with an unmatched level of relevant experience & independent transaction analysis, structuring and execution capabilities. Kaufman Hall’s real estate practice was launched in 2021 through the acquisition of Healthcare Real Estate Capital (HRE Capital). Providing both consultative and transaction-oriented services, including asset/portfolio joint venture structuring, recapitalizations, dispositions and other related real estate advisory services, the real estate practice has been involved with more than $15 billion of sector-specific real estate transactions across the United States since 2008.
Pine Run LPC and DH
Pine Run LPC is a 532 unit/bed Type C LPC with a main campus and a separate personal care facility/campus. Pine Run LPC had undergone significant capital reinvestment from DH and offered an attractive addition for investors/providers with existing assets in the Pennsylvania marketplace or as a platform entrée into the suburban Philadelphia market. Pine Run LPC was operated as a division of DH, a 247-bed acute care hospital also situated in Bucks County, PA.
Questions?
E. Hunter Beebe
hbeebe@kaufmanhall.com
917.568.8556
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
