TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living facilities, announced the execution of a funding agreement earlier this week with a national lender for the development of a new senior living facility in the Houston, Texas metropolitan area. Funding for Trinity Woods, an 82-unit, $10 million senior living facility in Katy, Texas, should be available under the agreement this fall, with completion of construction anticipated in 2010.
"The financial strength of this lender, which has extensive experience with HUD 232 lending in the senior living industry, coupled with a very experienced land developer as our equity partner, should allow us to expedite processing of the loan for this project," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "The multi-family division of this lender has been very supportive in meeting the needs of our Company."
"Trinity Woods will represent our third senior living facility in the Houston metropolitan area," continued Sapaugh. "Katy, Texas has experienced rapid population growth in recent years and the demographics surrounding this project reflect a great need for the type of facility we are building."
"During the past two months, we have announced funding commitments for three new senior living facilities in Texas and Tennessee. The completion of these three projects in 2010 will increase the number of facilities operated by our Company by 100% and more than double the number of residential units available to seniors. We expect to announce additional funding agreements later this year, thus allowing us to fulfill our growth expectations," concluded Sapaugh.
