ElderTrust came up with the majority of the funds by extending by 12 years of leasing deals with Crozer/Genesis ElderCare LP on three Pennsylvania properties: Pennsburg Manor in Pennsburg, Chapel Manor in Philadelphia and Belvedere Center in Chester. ElderTrust secured additional funds by selling one of its properties and accepting a lump some on another in exchange for a rent reduction.
"This is an excellent outcome for this portfolio," says D. Lee McCreary Jr., ElderTrust president and CEO. "Leasing these assets to Genesis represents a greatly improved credit situation and, coupled with the satisfaction of the Harston/Pennsburg debt, represents a significant step forward for our organization."
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