Brookline Village will have a new name now that ownership has sold the company.
Juniper Communities, a long-term care company based in Bloomfield, N.J., purchased Brookline for $35.5 million Wednesday. The five-building, 274-unit community will be renamed Juniper Village at Brookline.
Lynne Katzmann, CEO of Juniper Communities, said that there won’t be major changes to the residence, though one will be the addition of Wellspring Memory Care, a dementia care program with an electronic health records system.
“We’ve hired all of the employees, so they’re all the same and so are their salaries,” Katzmann said. “All the residents are obviously the same, and their rates are staying the same. There are a few things that we hope to add. We’ve got programs that we want to implement to keep people active, engaged physically and mentally, and fulfilled spiritually. I think they’re excited, because we’re combining the great things that two great companies offer.”
Katzmann said that Brookline owners Clifford Coldren and Becky Stopper reached out to companies about selling Brookline.
Coldren and Stopper could not be reached for comment.
“The founders decided it was time to step out, and they wanted a partner to continue on their legacy and values,” Katzmann said. “We’re a value oriented and mission driven company, and when we got together we hit it off. We’ve acquired buildings in Pennsylvania for some time, and this is a great residence and property. It made sense for us.”
The purchase was by cash from Juniper’s balance sheet and debt from a bank. The acquisition has increased Juniper’s size and resident capacity by 25 percent.
While Juniper had $62 million revenue in 2013, Katzmann said she expects it to be a $80 million to $85 million company by the end of the year.
Brookline, which has 116 skilled nursing units, 38 memory care units, 87 personal care units and 33 independent living units, is the first property Juniper has acquired in Centre County, though it has other properties in Lancaster, Allegheny, Crawford and Westmoreland counties. The company also operates properties in New Jersey, Florida and Colorado.