Listen to article \u2022\u00a00:00 min<\/p>\n
Simpson Senior Services has agreed to sell its namesake Simpson House, a nonprofit Philadelphia retirement home founded in 1865, to an affiliate of Tryko Partners, a New Jersey for-profit firm. The price was not disclosed.<\/p>\n
The decision to sell followed years of financial losses at the West Philadelphia<\/a> facility that were dissipating the assets<\/a> of the nonprofit Simpson Senior Services, Simpson\u2019s chief financial officer Ken Franiak told municipal bond analysts on a call Thursday. Simpson also operates two retirement communities in Chester County<\/a>.<\/p>\n \u201cSimpson House has experienced financial challenges, consistent with many other providers in long-term care,\u201d Franiak said. \u201cPressures include staffing shortages, escalating labor costs, inflationary cost increases, declining census and occupancy levels, and reduced reimbursement rates.\u201d<\/p>\n Simpson House includes 110 apartments, 56 personal-care units, and a 142-bed nursing home, according to a 2021 bond offering statement. <\/p>\n A spokesperson for Simpson House declined to say how many people work there. The sale is expected to be closed in the third quarter of this year.<\/p>\n The Ladies United Aid Society of the Methodist Episcopal Church in the City of Philadelphia for the benefit of Aged and Infirm Members, founded what became Simpson House<\/a> in a rented property on North 10th Street near Poplar Street, according a history on the Simpson House website. It has been in its current location since 1899.<\/p>\n Tryko, based in Brick, N.J., already owns Kearsley Rehabilitation & Center across Belmont Avenue from Simpson in the Wynnefield<\/a> section of Philadelphia. Kearsley traces its roots to the 18th Century. <\/p>\n