WoodBine, Bourne Financial Acquire Community in Pennsylvania

by Jeff Shaw

EAST STROUDSBURG, Pa. — WoodBine Senior Living and Bourne Financial Group have acquired Spring Village At Pocono, a 69-unit assisted living and memory care community in East Stroudsburg, for an undisclosed sum.

The community can house up to 93 residents when fully leased. WoodBine expects the community to reach stabilized occupancy within a few months.

WoodBine is a Maryland-based owner/operator of senior housing communities. The company currently manages five properties totaling nearly 400 beds in Maryland, Pennsylvania, New Jersey and New Hampshire. Additionally, WoodBine has developments underway in Vermont and New Hampshire and provides third-party management for developments in South Carolina, Georgia and Florida.

Headquartered in Winter Park, Fla., Bourne Financial Group is a real estate investment company that specializes in seniors housing development and acquisitions. By the end of September, plans to have 10 seniors housing communities open or under construction in four states, representing approximately $200 million in assets.

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