Greenfield Senior Living is honored to expand its relationship with Care Investment Trust.- Mathew Peponis, Greenfield CEO
Falls Church, Virginia (PRWEB) March 31, 2015
Greenfield Senior continues to build a strong relationship with Care Investment Trust LLC ("Care") a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc. Care announces today, their acquisition of six senior housing communities from a third party seller for $54.48 million. Concurrent with the acquisition, Care will master lease the properties to affiliates of Greenfield Senior Living ("Greenfield"). Pursuant to the lease, Care will provide Greenfield with $1 million to fund initial capital expenditures to enhance and reposition each of the properties. In connection with the acquisition, Care secured a $39.5 million, 10 year loan, which includes 18 months of interest only payments. The initial funding amount was approximately $38.7 million and the remaining amount was held-back at closing to reimburse the borrowers for a portion of the capital expenditures.
Mathew Peponis, Chief Executive Officer of Greenfield, stated “Greenfield Senior Living is honored to expand its relationship with Care Investment Trust. We are excited that over 350 new residents and their family members will now be enjoying the Greenfield experience. We have new and innovative projects planned that we think our residents, families and team members are going to love. With our community partners, we will continue to transform the senior living experience by introducing new medical models, enhancing environments, and using technology to delight our customers.”
Salvatore (Torey) Riso, President and Chief Executive Officer of Care, stated, "With today’s closing, Care has broadened and deepened its important relationship with Greenfield. We started working together in September 2011 with a 3 community triple net sale-leaseback transaction, we expanded that relationship with a 3 community joint venture in October 2013, and now we are thrilled to add 6 more communities in a participating lease structure. This is exactly what we had hoped would happen with the Greenfield relationship and it serves as a model of our strategy to partner and build with a select group of high quality regional operators. Greenfield is made up of true professionals that care deeply about their residents and staff. We look forward to continue growing our companies together."
About Greenfield Senior Living
The Greenfield Senior Living Mission: By building bridges between communities, we transform the experiences of senior living and allow our residents to lead full and enriching lives. Through superior outcomes in resident care, exceptional dining experience and unique social and recreational programs, Greenfield Senior Living of Falls Church, Virginia has transformed senior living in each community. Greenfield offers “best-in-class” assisted living, personal care, memory care and independent living programs and is dedicated to “Caring for those who cared for us.” TM We take privilege in the opportunity to make a difference in the lives of our extended family. Integrity is the heartbeat of our organization, ensuring our residents and care teams are always treated with respect and dignity. As of March 2015 Greenfield currently operates 20 communities comprising 1,449 units located in the Mid-Atlantic and South regions and employees 750 team members.
About Care Investment Trust LLC
Care Investment Trust LLC is a real estate investment and finance company that invests in seniors housing and healthcare-related real estate. Care is a wholly-owned subsidiary of Tiptree Financial Inc. ("Tiptree"), a diversified holding company engaged through its consolidated subsidiaries in a number of businesses and is an active acquirer of new businesses. Tiptree, whose operations date back to 2007, currently has subsidiaries that operate in four industry segments: insurance and insurance services, specialty finance, asset management and real estate.
Care Investment Trust LLC, http://www.careinvestmenttrust.com
For further information, please contact:
Greenfield Senior Living Inc.
Or visit our website at: http://www.greenfieldseniorliving.com