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AN OLDER GENERATION TO BENEFIT FROM SALE OF CHILDREN'S SEASHORE HOUSE ATLANTIC CITY PROPERTY

 PHILADELPHIA, July 29 /PRNewswire/ -- Children's Seashore House, a regional hospital for specialized care and rehabilitation that moved inpatient services to Philadelphia in 1990, signed an agreement of sale on its Atlantic City, N.J., property today.
 The beach front property, located at 4100 Atlantic Ave., that housed Seashore House patients for almost a century, was purchased by developer Jerry Frishberg, a pioneer in serving the needs of the mature market, for a price between $4 and $5 million.
 Frishberg is president of Vintage USA, Inc. a new company created to develop retirement communities for active mature adults. He plans to build a world class residential retirement community on the site with more than 200 independent living units and accommodations for recreation, dining and limited health care.
 Richard W. Shepherd, Children's Seashore House president and CEO, said, "We are pleased that a place that served the special needs of children with disabilities and chronic illness for over a century will be used for such a worthwhile purpose."
 Robert M. Brasler, vice chairman of Binswanger, who represented Children's Seashore House in the sale, added, "We are very pleased that we were able to conclude the transaction with such a prominent developer."
 Frishberg, of Villanova, has gained recognition in the mature market as founder of Martins Run Life Care Community in Marple Township, Pa., and developer of Logan Square East in Center City, Philadelphia. His background also includes the development of The Court at Palm-Aire in Pompano Beach, Fla., and retirement community sites in Silver Spring, Md. and Lakewood, N.J.
 "This site, in the residential section of Atlantic City, is a textbook response to that which is crucial to every project -- location, location, location," explained Frishberg. "We plan to create a one-of- a-kind community unique to the Delaware Valley and surrounding areas and one that addresses the demands and desires of the new mature market of the 90s."
 In 1990, Children's Seashore House moved inpatient services to Philadelphia next door to the Children's Hospital of Philadelphia and on the campus of the University of Pennsylvania. The hospital maintains an outpatient Child Development Center at 35 S. Annapolis Ave. in Atlantic City, one block west of the sold site. The Center provides comprehensive evaluations and treatment to children with disabilities from Atlantic City and surrounding counties.
 /delval/
 -0- 7/29/93
 /CONTACT: Terry Burns of Children's Seashore House, 215-895-3613; Christine Wolfanger of Vintage USA, 215-825-2444, or George McGheehan of Binswanger, 215-448-6258/


CO: Children's Seashore House ST: Pennsylvania, New Jersey IN: HEA SU:

CC-MJ -- PH035 -- 7501 07/29/93 18:08 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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