Tower Wellness has identified a purchaser for Chestnut Hill Clinic.

An alliance composed of Temple Wellness, Redeemer Health and fitness and Philadelphia Higher education of Osteopathic Drugs announced Monday that they have signed an settlement to buy the Philadelphia facility.

A rate for the pending sale was not disclosed.

“Together, our companies bring the knowledge, methods, operational excellence and qualified clinical treatment to assure that Chestnut Hill Medical center stays a resilient and sustainable source for the eastern Montgomery County and northwest Philadelphia communities,” Michael A. Young, president and CEO of Temple Health and fitness, said in a statement saying the purchase.

The clinic, which is licensed for 148 beds, will be renamed Temple Health-Chestnut Hill Hospital subsequent the sale. The facility will be managed by Temple Health.

The deal nevertheless desires to be authorized by regulators and Tower Wellbeing bond holders ahead of becoming formal.

The purchase signifies the initial major transfer for the recently shaped collaboration amid Temple Overall health, Redeemer Health and Philadelphia Faculty of Osteopathic Medication.

“Our collaborative affiliation promises continued good results for our organizations and individuals we lover with and, far more importantly, for the people and communities we provide,” Michael B. Laign, president and CEO of Redeemer Health and fitness, mentioned in Monday’s statement.

Jay S. Feldstein, president and CEO of Philadelphia University of Osteopathic Drugs, said the exertion will increase the school’s capacity to coach the upcoming era of health and fitness professionals, although also letting the clinic to proceed to deliver well being treatment to the community it has served for much more than a century.

Similarly, Tower Wellbeing President and CEO P. Sue Perrotty reported she was happy the medical center will be capable to hold its doorways open.

“Tower Overall health is pleased and grateful that Chestnut Hill Hospital will carry on to provide the local community as element of an alliance of very highly regarded and locally-based mostly nonprofit wellness care institutions,” she explained in Monday’s assertion.

Tower Overall health had earlier signed a letter of intent to transfer Chestnut Hill Medical center to Trinity Health and fitness…