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 with a national lender for the development of a new senior living facility in Covington, Louisiana. Funding for Trinity Landing, an 82-unit, $10 million senior living facility should be available under the agreement this winter, with completion of construction anticipated in late 2010.
"This is our third such project with this lender, and their financial strength and leadership in senior lending is impressive and has been very supportive of our expansion strategy," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "We expect additional funding announcements this year, thus allowing us to fulfill our 2010 growth objectives. Trinity Landing will represent our first senior living facility in Louisiana. Covington has experienced rapid population growth in recent years, particularly since Hurricane Katrina, and the demographics surrounding this project reflect a great need for the type of services our facility will provide.”
"To work with TrinityCare and its leadership in the development of not only a senior living facility, but a community where seniors’ healthcare needs will be met at multiple levels, represents an amazing opportunity," observed Mark Malkemus, Managing Partner of Step Three Investments, LLC, the land contributor and equity partner in this development. Mr. Malkemus, along with three other partners of the land contributor, are experienced developers in the Covington area and plan additional senior-related developments on the site.