Acts Retirement-Life Communities, based in West Point, will add a New Jersey location to its lineup of 23 East Coast communities — including eight communities in Pennsylvania and several others in Delaware.
Under the arrangement, Acts assumed $45 million in debt and now controls management and oversight of the Evergreens. The arrangement with the Evergreens is technically referred to as an affiliation since Acts is a nonprofit, but Acts has essentially acquired the community and taken over all of its debt and outstanding bonds, writes Natalie Kostelni in the Philadelphia Business Journal.
The move was a strategic one for Acts, which is based in West Point, Montgomery County. With the Evergreens deal, it now operates 23 communities along the East Coast with its largest concentration in the Philadelphia area. It has eight communities in Pennsylvania and several in Delaware.
“To extend into New Jersey has always been a desire of ours,” said Gerald T. Grant, president and CEO of Acts. “New Jersey from a demographic perspective is well serviced in terms of the number of senior living communities. To build another one doesn’t make sense because you would be stealing market share. But to step into someone’s shoes who has the same mission and values as us made sense.”
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