$145M: Philadelphia Archdioces Sells 7 Senior Living Facilities

The Archdiocese of Philadelphia entered into a deal Tuesday to sell five nursing homes and two senior living communities to a New York health-care management company for $145 million.

Center Management Group of Flushing, N.Y., is acquiring the long-term-care facilities, which oversee a total of about 1,400 beds and are now operated by Catholic Health Care Services, under an agreement expected to close by the end of the year.

In a statement the Philadelphia Archdiocese selected Center Management Group because of its track record in retaining the “Catholic identity” of the facilities it acquires.

The sale was pursued, the Philadelphia Archdiocese said, to help it deal with its “underfunded balance sheet liabilities" that it said last year measured in the hundreds of millions of dollars. The liabilities were first disclosed when the Philadelphia Archdiocese published its fiscal 2012 audited financial statements, which contained a $39.2 million operating deficit, last summer.

The five skilled nursing facilities included in the transaction are: Immaculate Mary Home, Saint John Neumann Home, and Saint Monica Manor, all in Philadelphia; Saint Francis Country House in Darby; and Saint Martha Manor in Downingtown.

The two senior living communities are Villa Saint Martha in Downingtown and Saint Mary Manor in Lansdale, both of which include assisted and independent living units.

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$145M:  Philadelphia Archdioces Sells 7 Senior Living Facilities