Paramount Acquires Three Skilled Nursing Facilities in Delaware Valley

PHILADELPHIA — Institutional Property Advisors has brokered the sale of three DePaul Health Care nursing homes in the Delaware Valley Region.

The facilities sold were Angela Jane Pavilion, a 49-bed facility in Philadelphia; River’s Edge, a 120-bed facility in Philadelphia; and Absecon Pavilion, a 162-bed SNF in Absecon, New Jersey.

The buyer was Paramount, which completed the financing and closing with the assistance of Lazmor Capital and Ziegler Investment Banking. Paramount owns and operates skilled nursing facilities in New York, New Jersey, Pennsylvania and Maryland

All three facilities were owned and operated by the DePaul family, a Philadelphia developer of residential communities and healthcare businesses including medical office buildings and skilled nursing facilities. The brokers representing the seller were Mark Myers and Joshua Jandris of Institutional Property Advisors.

At the time of the sale, the facilities were operating at a break-even profit margin. The new operator plans to implement improved marketing and services to enhance the census and census mix while simultaneously creating staffing efficiencies as part of a plan to increase earnings.