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LONG ISLAND, NY-Brandywine Senior Living, a Mt. Laurel, NJ-based owner and operator of residential communities for senior adults, has acquired the Savoy at Little Neck and Huntington Terrace at Melville from an affiliate of the Carlyle Group.
The purchase price was not disclosed; the properties totaled 299,000 sf. Huntington Terrace, an 180,000-sf complex has 166 units, while the Savoy, a 109,000-sf property, has only 135.
The properties represent Brandywine's first in the State of New York and expands the company's portfolio by 25% to 13 communities or 1,400 units across five states: New Jersey, Pennsylvania, Connecticut, Delaware and New York. The company also has two communities under construction, one in Kennett Square, PA and one in Fenwick Island, DE.
"We are proud to welcome these beautiful communities into the Brandywine family," Brenda J. Bacon, licensed operator, president and CEO of Brandywine, tells GlobeSt.com. "We are excited about expanding the Brandywine standard of excellence in senior living services to the State of New York."
"The Savoy and Huntington Terrace have a tradition of service to their residents that fits well with Brandywine's commitment to high-quality care," Bacon says.
Brandywine has been working on the transaction for more than one year as the company was required to receive regulatory approval from the State of New York Department of Health to operate the facilities, according to a source close to the transaction.
The source adds that Brandywine is seeking additional acquisition and development opportunities in Long Island and New York State, consistent with its strategy of expanding in the Northeast and Mid-Atlantic.
In June 2006, Brandywine Senior Living received a capital investment from Warburg Pincus LLC, a private equity investor, in order to grow its senior living business to meet the needs of a growing senior population and expand their residential choices.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
