Despite some ongoing financial losses, the market is strong for facilities like the county-owned nursing home, commissioners reported at their Thursday meeting.
“Even though Laurel Crest has a negative fund balance of about $4 million, the market is robust,” said President Commissioner P.J. Stevens.
The commissioners last week announced plans to sell the county-owned nursing home, located on Manor Drive outside of Ebensburg,
On Thursday they passed on a report from the real estate broker listing the facility that “a lot of interest” is being shown.
“We’re hearing that the market is robust, and a sale by the end of the year is feasible,” Stevens said.
Marketing the 370-bed nursing home is a Chicago-based company, which reported to the commissioners that the signs are good for a $12 million to $15 million transaction.
Laurel Crest’s large size is a plus, because Pennsylvania is under a bed moratorium now, which means new or expanded nursing homes will not be approved.
So the annual losses, which have ranged from $1.2 million to $2 million each year, will not be a deterrent to a sale, commissioners said.
The firm handling the sale is Marcus & Millichap Real Estate.
Representatives say they will collect offers until Aug. 1, seeking a buyer that specializes in running nursing homes and can increase efficiency at Laurel Crest.
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