Philadelphia archdiocese sells nursing homes for $145M
July 02, 2014
The Archdiocese of Philadelphia has announced that it has sold seven nursing homes and assisted-living facilities for $145 million.
The buyer, Center Management Group, has agreed to maintain the homes’ chapels, to hire priests to serve as chaplains, and to abide by the US bishops’ health care directives.
The archdiocese stated that as of June 30, 2014, it had approximately $287 million in underfunded balance sheet liabilities, $218.3 million of which was for clergy and lay pensions.
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