TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living facilities, recently announced the execution of a six-month extension of its construction/mini-perm loan with Trustmark National Bank. As the construction lender for the Trinity Shores senior living facility in Port Lavaca, Texas, Trustmark National Bank initially provided a mini-perm loan that expires in July 2009. With this extension, TrinityCare believes it can achieve the occupancy and debt coverage ratios necessary to refinance after three years under the HUD 232 loan program.
"Trustmark has been an excellent lender, and we are pleased with our relationship and our ability to satisfy the requirements for an extension of the loan’s maturity, as we await the time requirement to apply for the HUD loan guarantee," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "We have worked with Trustmark on two of our facilities and have been delighted with our joint ability to create satisfactory outcomes for all parties involved. In the current financial climate where many borrowers have adversarial relationships with their lenders, we can report a very favorable one. Trinity Shores, the smallest facility in the TrinityCare system, represents the Company’s first entry into a tertiary market. Resident occupancy levels continue to improve, and we are pleased with the facility, our staff and the very positive response of the regional community along the Texas Gulf Coast.”
"We have had a very positive relationship with TrinityCare, and we believe their philosophy towards senior care in quality facilities provides a wonderful opportunity for those living in the Port Lavaca area," stated Spence Bridges, Senior Vice President and Commercial Real Estate Manager for Trustmark National Bank in Houston.