Concordia completes $15M purchase of the Covenant
Concordia Lutheran Ministries has finalized its $15 million acquisition of Covenant at South Hills, the B’nai B’rith-sponsored continuing care retirement community in Mt. Lebanon, and has changed the name of the facility to Concordia of the South Hills.
The facility, which opened in 2002 as B’nai B’rith’s first foray into the private senior housing market, consists of 126 one- and two-bedroom independent living apartments, 48 assisted living units, 12 memory-support units, and 46 skilled nursing beds.
The Covenant struggled financially for years. Finally, to avoid foreclosure proceedings initiated by some of its creditors last year, the institution filed for bankruptcy.
Concordia emerged as the only qualified bidder at an auction of the facility in September.
“We are looking forward to the opportunity to serve more and serve better at Concordia of the South Hills. We believe this facility is a great addition to the Concordia Lutheran Ministries family,” said Concordia President and CEO Keith Frndak.
For more than 125 years, Concordia Lutheran Ministries has been a Christian not-for-profit organization. It was recently recognized as one of only a few organizations in the world with an Aging Services Network accreditation.
Concordia will not maintain the kosher kitchen at the facility, but it will make kosher meals available for those residents who require them.
Current residents, who will be losing hundreds of thousands of dollars in entrance deposits, will soon be filing a lawsuit against B’nai B’rith, said Maury Deul, president of the Covenant’s Residents’ Council.
(Toby Tabachnick can be reached at tobyt@thejewishchronicle.net.)
comments