New York, NY – Lument Securities (Lument) recently advised the board of directors of Bryn Mawr Terrace, a continuing care retirement community (CCRC) located in Bryn Mawr, Pennsylvania, on its sale to a private operator. Laca Wong-Hammond and Dominic Porretta led the transaction for Lument Securities.
Located roughly 10-miles from downtown Philadelphia in the Main Line and operated by Main Line Senior Care Alliance, Bryn Mawr Terrace is an independent non-profit organization providing skilled nursing, memory care, and personal care services. As a standalone senior care provider without a Medicaid license, the board of directors at Bryn Mawr desired a strategic and confidential sale.
“We couldn’t have done this transaction without the team from Lument,” said Kevin Ross, president and CEO of Bryn Mawr Terrace and Main Line Senior Care Alliance. “It was my pleasure to work with a team of knowledgeable people and we are grateful for what they helped us accomplish.”
The transaction closed in late August and included an assumption of the existing U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) loan that is also serviced by Lument, creating efficiencies in the closing process. Additional terms of the transaction were not disclosed.
Lument Securities served as exclusive financial advisor to Bryn Mawr Terrace in connection with the transaction. Post & Schell, P.C. served as legal counsel to Bryn Mawr Terrace.