De Paul Health Care sold three of its Philadelphia-area skilled nursing facilities, leaving the New Jersey-based provider with four SNFs in its portfolio, in addition to its existing medical office building and residential community businesses. Mark Myers and Joshua Jandris of IPA Seniors Housing represented the De Paul family in the transaction, which included a 49-bed skilled nursing facility and a 120-bed SNF in Philadelphia, and a 162-bed facility in Absecon, New Jersey (adjacent to Atlantic City).
These facilities were operating at breakeven, despite solid occupancy, which leaves some room for added value for the new owner, Paramount Care Centers. Christopher Utz of Ziegler Seniors Housing & Care Finance Practice advised Paramount in the purchase of the two Pennsylvania properties and also arranged $20.925 million of acquisition/working capital financing for their sale.
