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Doylestown Health could be on verge of selling Pine Run retirement community

Doylestown (Pa.) Health is looking set to sell its Pine Run retirement community as it seeks to raise funds in a battle to become more financially secure.

Dillsburg, Pa.-based Presbyterian Senior Living has signed a letter of intent to buy the 532-unit community, according to a March 31 phillyburbs.com report. Doylestown Health, which reported an operating loss of $24.3 million for the fiscal year ending Sept. 30, said in February it aimed to sell the community.

Such a move would fit two criteria for Doylestown: selling to an expert in the sector and retaining the ability to offer health services at Pine Run.

"It's going to have to be a well capitalized group with expertise," CEO Jim Brexler recently told Becker's. "And we would want a long-term contract to deliver our medical services to the villagers we serve there."

Any sale to Presbyterian is expected to take at least a few months, and its offer remains nonbinding, the report said. Doylestown Health has evaluated other offers for Pine Run, Mr. Brexler has said.

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