A CCRC outside of Philadelphia, Pennsylvania, changed hands with the help of Laca Wong-Hammond and Dominic Porretta of Lument Securities. In addition to facilitating the confidential sale, the Lument team also handled the assumption of the property’s HUD mortgage.
Built in 1967 but renovated multiple times over the years, including a major refurbishment in 2014, Bryn Mawr Terrace is located about 10 miles from downtown Philly on the Main Line. It features 109 functional skilled nursing beds (with a license for 120 beds), 25 memory care units and eight personal care units. It had operated well historically, but the pandemic caused cash flow to fall, and there was no positive NOI by the end of 2020. According to CauseIQ, revenues reached nearly $8.3 million as of June 2020. Partially holding the community back was its lack of a Medicaid license, which limited its ability to combat falling census.
It was previously owned by an independent not-for-profit organization and operated by Main Line Senior Care Alliance. But an undisclosed private operator acquired the community for just under $9 million, or nearly $60,000 per unit/bed. The HUD loan, which carried an interest rate of 3.12%, was also serviced by Lument. Post & Schell, P.C. served as legal counsel to Bryn Mawr Terrace.
