(June 12, 2024) – EveryAge, formerly known as United Church Homes and Services, a North Carolina nonprofit corporation, has entered into a non-binding letter of intent with Wesleyan Investment Foundation, Inc. (WIF) to acquire the portfolio of properties, businesses and assets owned and/or controlled by Westchester Properties, LLC. The portfolio of assets includes a retirement community known as Providence Place Senior Health and Housing in High Point, NC.
The letter of intent is an early step in an acquisition process that will include completion of a due diligence review and negotiation of definitive agreements over the coming months. Upon execution of definitive agreements, closing will be subject to certain conditions, including obtaining financing and approval by regulatory bodies as required.
Ms. Lee Syria, President and CEO, shares “EveryAge believes the acquisition of the Providence Place portfolio of properties will enable us to maximize on the strengths of the collective organizations. Both organizations were founded through and remain committed to our Christian values and heritage. The addition of the Providence Place retirement community to the EveryAge family of communities and programs will allow for the expansion of our mission, achievement of economic benefits through scale and ultimately the enhancement of how we meet the needs of the people served. Our shared goal with WIF will be to ensure a smooth transition for the residents, their families and the employees of Providence Place.”
“After an extensive process to identify the best steward of Providence Place, we’re excited about this acquisition by EveryAge of the Providence Place retirement community. We’re confident EveryAge is the right organization and team to ensure quality care for the residents and to provide the resources and future opportunity for employees. Importantly, we’re reassured by EveryAge’s commitment to Christian values and heritage that honors the legacy upon which Providence Place was founded. Personally, I am grateful for the patience of the residents and their families and the dedication of the Providence Place employees through the uncertainty of the last couple of years. While there are still several months ahead for this acquisition process to be completed, today’s announcement forecasts a bright future for Providence Place.” says, Norwood Davis, President of Wesleyan Investment Foundation.
Kaufman Hall served as the exclusive transaction advisor to WIF throughout the process.
EveryAge will file an event notice upon execution of a definitive purchase agreement by both parties.
For media inquiries, please contact Kim Kilday, Chief Marketing & Communications Officer, at [email protected] or (828) 465-8014.
About EveryAge
EveryAge is a not-for-profit, senior living organization serving over 2700 older adults each year within three continuing care retirement communities (CCRCs), seven affordable housing communities for seniors, a home health agency, a child care, two Programs for All Inclusive Care for the Elderly and two adult day health programs. The home office of EveryAge is located in Newton, NC, approximately one hour northwest of Charlotte. EveryAge is Christian ministry committed to providing vibrant living, diverse programs of outreach and compassionate services. For more information, you can visit www.everyage.org
About Wesleyan Investment Foundation
Founded in 1946, the Wesleyan Investment Foundation provides loan assistance to churches and church-related entities to construct, renovate or expand their facilities, purchase land, or refinance current debt. WIF currently provides loans to more than 1,500 churches and organizations in all 50 US states and Canada. WIF is an Indiana nonprofit corporation organized and operated exclusively for charitable and religious purposes. For more information, please visit www.wifonline.com.
About Providence Place Senior Health and Housing
Founded by First Wesleyan Church in 1978, Providence Place provides a wide range of living options for seniors in a caring, Christian environment. The campus in High Point, NC includes independent living, assisted living and skilled nursing and rehabilitation center. For more information, please visit www.providenceplacenc.com