Cathedral Village merges with Presbyterian Senior Living
Published in Senior Living Features
Cathedral Village, a continuing care retirement community in the Andorra section of Philadelphia, has agreed to merge with Presbyterian Senior Living, a bondholder disclosure notice said Thursday.
The affiliation agreement between the two nonprofits was signed Monday, the disclosure said. Typically in such nonprofit mergers, money doesn't change hands.
Presbyterian Senior Living, based in Dillsburg, Pa., south of Harrisburg, operates 30 retirement communities in Pennsylvania, Delaware, Maryland, and Ohio and provides services to 6,000 seniors.
Presbyterian had operating income of $13.8 million on revenue of $205.2 million in 2013, according to the organizations most recent publicly available audited financial statement.
Cathedral Village, by contrast, had an operating loss of $482,405 on revenue of $24.2 million in the year ended June 30. In the six months ended Dec. 31, Cathedral Village the operating loss was greater, $682,980, up from a loss of $120,176 in the same period the previous year.
Dennis Koza, president and chief executive of Cathedral Village, could not be reached for comment.
Opened in 1979 with the support of the Episcopal Diocese of Pennsylvania, the independent Cathedral Village has 293 apartments and a 133-bed nursing home, which was recently renovated with the help of a $4.2 million bank loan. A short-term rehabilitation unit was added in the hope of bringing more Medicare revenue.
The deal between Presbyterian Senior Living and Cathedral Living continues the consolidation of the senior living industry.
Last year, for example, Martins Run, a continuing care retirement community in Marple Township, announced plans to join Wesley Enhanced Living, a senior-living provider with eight communities in Bucks, Montgomery, and Philadelphia Counties.
Deer Meadows Retirement Community, a nonprofit in Northeast Philadelphia, was sold out of bankruptcy in December for $30.5 million to Investment 360 L.L.C., a for-profit firm in Lakewood, N.J.
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