ElderTrust Digs Out of Debt

WILMINGTON, DE-Forking over $11.5 million in cash, the Delaware-based senior housing and health-care facility REIT, ElderTrust, has paid off a $14-million, non-recourse loan on its Harston Hall and Pennsburg properties. The loan–which had been sold last month to a new lender that was willing to settle for $2.5 million less than the original total–was due Aug. 10.

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.