MECHANICSBURG, Pa., March 31, 2015 /PRNewswire/ — The Hollinger Group (“THG” or “Hollinger Group”) a private owner and operator of Assisted Living Communities, Independent Living Communities and Transitional Care Facilities today announced the final closing on the sale of eleven senior care properties for $83.6 Million.

The buyer of the properties was a private Real Estate Investment Trust (REIT) that has plans to partner with two separate senior care providers that will manage the day-to-day operations of the eleven properties with a combined 717 beds and 583 units.

The sales process was accomplished in two phases with an initial closing commenced in mid-February with the sale of 5 Hollinger Group senior care properties including South Carolina and Florida. These properties developed a strong reputation for providing quality Assisted Living and Alzheimer’s Services. The second and final phase closed on the remaining six properties with locations in Maryland, New Jersey, Pennsylvania and Virginia each providing highly recognized Assisted Living and Alzheimer’s Services.

Post sale, The Hollinger Group and its affiliates will own and operate four properties including a Continuing Care Retirement Community (CCRC) in Columbia, SC; an Assisted Living facility in Kulpmont, PA and a 96-bed Transitional Care Facility in Mechanicsburg, PA.

“When we acquired these eleven properties all but four were meaningfully underperforming and now all are financially strong and well positioned. We felt the timing optimal to realize the embedded value in our portfolio while generating the capital and resources needed to move us into a new strategic direction, primarily the growth of our transitional care model branded VibraLife,” says Brad Hollinger, Founder and CEO of Vibra Healthcare, LLC and The Hollinger Group. “The VibraLife model is a continuum concept facility designed and equipped to meet the growing demands for medical rehabilitation, extended skilled care and memory care.”

“By focusing our financial and human resources on developing the VibraLife model we not only offer patients and their families a fully integrated continuum, but also an alternative integrated delivery model for managed care. We expect to construct 3-5 VibraLife facilities per year in markets where we operate our specialty acute care hospitals (LTACHs) and Specialty Acute Rehabilitation Hospitals (IRFs).” Hollinger continues, “We are committed to offering a delivery model that is attractive to patients and their families, value added for referral sources and cost effective for payers.”

About The Hollinger Group:

Since its founding by Brad Hollinger in 2002 The Hollinger Group based in Mechanicsburg, Pa., has built a strong reputation for delivering the highest quality senior housing and healthcare services through its network of retirement campuses, skilled nursing, assisted living and memory care communities located predominately in the eastern United States. Post sale the company will operate four senior care facilities with two additional facilities under development, and continues to seek new opportunities and innovative ideas within the senior housing sector. For more information, visit www.hollingergroup.com.

About Vibra Healthcare

Vibra Healthcare, LLC was founded in 2004 by Brad Hollinger as a specialty acute care hospital provider based in Mechanicsburg, Pa. Vibra’s focus is on the development, acquisition and operation of freestanding Specialty Acute Care Hospitals (LTAC), Specialty Acute Medical Rehabilitation Hospitals (IRF’s) and outpatient physical rehabilitation centers. Teams of highly trained specialists lead clinical programs at Vibra’s specialty hospitals for treating medically complex patients who suffer from major orthopedic, neurologic, stroke, multiple traumas, cardiac and respiratory conditions. Vibra and its affiliates currently employ over 9,000 employees and own and operate over 90 specialty hospitals, transitional care units/facilities and hospital-based outpatient physical therapy locations in 18 states. For additional information about Vibra Healthcare and its network of specialty hospitals and its post acute care continuum please visit our website at www.vibrahealthcare.com.

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SOURCE Vibra Healthcare, LLC; The Hollinger Group