Doylestown Health agreed to sell Pine Run retirement community. The price: $80.6 million.

Doylestown Health executives shared financial details about the sale of Pine Run, a Bucks County continuing-care retirement community, on a call Tuesday with investors.

Presbyterian Senior Living, a not-for-profit with other facilities in the region, agreed to a purchase price of $80.6 million for the 43-acre campus with 272 independent-living cottages and 24 apartments. The community also includes a nearby 90-bed nursing home and 106-bed personal-care home.

The final price will depend on market conditions at the time of closing, said Elizabeth Seeber, Doylestown’s chief financial officer.

Doylestown has owned the retirement community since 1992. The decision to sell came earlier this year as part of the system’s efforts to recover from pandemic-related losses. Last month, the health system reported low cash reserves.

Doylestown expects to take in $35.2 million in net proceeds from the sale, Seeber said. Some will pay for Pine Run’s staff time off, bonuses, and improvements to facilities that were part of the sale agreement.

“The Pine Run transaction will help our liquidity position significantly,” she told investors.

» READ MORE: Doylestown Health agrees to sell Pine Run to Presbyterian Senior Living, a not-for-profit

Seeber also shared details about the buyer selection process.

In January, Doylestown contacted 75 potential buyers. Twelve submitted offers. The health system invited six finalists to tour Pine Run and review more data.

Doylestown’s board selected Presbyterian Senior Living in March. Both parties approved a sale agreement in June.

The sale terms maintain a relationship between the health system and the retirement community, said Jim Brexler, Doylestown’s chief executive officer.

“We’ll have involvement in governance for the Pine Run community, as well as the medical oversight,” Brexler said.

Presbyterian Senior Living owns 10 continuing-care retirement communities in Pennsylvania, including Cathedral Village in the Andorra section of Philadelphia, as well as a retirement community in Maryland and another in Delaware.

Presbyterian Senior Living said it will honor the contracts of current residents.

“We’re really excited about this acquisition,” Dan Davis, Presbyterian Senior Living’s president and CEO, told investors last month. “It fits beautifully within our operational footprint.”