Catholic Health Initiatives plans to sell its retirement community in Denville, N.J., to the nonprofit senior housing provider Springpoint Senior Living, potentially by the end of April. With the sale, CHI will have divested all of the hospitals and senior housing facilities it owned in New Jersey.
CHI's nonprofit Franciscan Oaks includes assisted living and skilled nursing for long- and short-term care. Springpoint already owns six retirement communities and 10 affordable housing communities for seniors. It is a limited partner in seven additional senior housing communities and is a managing agent for another. Springpoint also operates home care services. All of its properties are in New Jersey. Springpoint says it is New Jersey's largest nonprofit provider of housing and services for seniors.
No major leadership or staffing changes are planned, according to information from Springpoint. That organization is not a faith-based provider. Franciscan Oaks no longer will be Catholic. The new owners may change the community's name after the deal closes, but that has yet to be determined.
The deal is pending regulatory and Catholic Church approvals. The partners are not disclosing financial details of the agreement.
According to a press release from Englewood, Colo.-based CHI, the sale of the Franciscan Oaks retirement community is the final step in a broader divestiture of its New Jersey facilities. Last year, the system sold Saint Clare's Health System of Denville to Prime Healthcare Services. That system included three hospitals and a health center. One Saint Clare's hospital is located next door to Franciscan Oaks.
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