TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living facilities, recently announced the execution of a funding agreement for the development of a new senior living facility in the Houston, Texas metropolitan area. Funding for Trinity Terrace, an 87-unit, $10 million senior living facility in Pearland, Texas, should be accessible later this summer with completion of construction anticipated by spring 2010.
"Partnering with the financial strength and expertise of this national lender and its significant relationships with HUD/LEAN process will play a key role in allowing us to achieve our expansion goals for 2009," "We are very pleased to be working with the multi-family financing division at this lender and have great confidence in their ability to provide the funding for our fourth senior living facility. We expect funding agreements for additional new facilities to be announced in the next several weeks."
"Trinity Terrace will represent our second senior living facility in Pearland, Texas, a city in the Houston metropolitan area that has experienced rapid population growth in recent years," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "Our highly successful initial facility in Pearland, Trinity Oaks, has a waiting list of prospective new residents and enjoys strong support from churches and other community organizations in the Pearland area."