Diakon Lutheran Social Ministries has sold four of its eight senior living communities, including Frey Village in Middletown.
The real-estate-only transaction for Frey Village was $9.8 million, biznewsPA reported. All proceeds of that sale and the other three will be used by Diakon to reduce existing debt, a release said.
Ownership and operations of the four communities, which are in Pennsylvania and Maryland, have been transferred to affiliates of New Jersey-based Lion Healthcare Management, “a privately owned company with significant senior living industry presence in the mid-Atlantic region and various other parts of the United States with a track record of investing in communities for the long term,” the release said.
“In selecting a buyer, Diakon was seeking an organization with sufficient resources to provide quality resident care, sustain and enhance the community impact that Diakon has had in the affected markets, and employ all existing staff members,” Scott Habecker, Diakon’s president and CEO, said in the release.
Among Diakon’s four remaining communities, major investments are already planned or being made at Luther Crest in Allentown and Cumberland Crossings in Carlisle.
In the aggregate, the four Diakon communities include more than 600 independent living units, 200 personal care apartments and 400 skilled nursing beds.