Finance Briefs: McCarthy/Life Care, Care Investment, NAI Bluestone

McCarthy Capital Leads a $50 Million Investment In Life Care

Life Care Companies, LLC announced that it recently received a $50 million investment led by McCarthy Capital Corporation.  Life Care, headquartered in Des Moines, Iowa, plans to utilize the capital to execute on current opportunities that it sees in the marketplace. 

“We are excited to partner with the exceptional management team at LCS in this well-positioned business,” said Patrick Duffy, a partner at McCarthy Capital. “We believe LCS’s people and diverse service offerings provide a solid foundation from which the company can capture a larger share of this fast-growing market.”


“We selected McCarthy Capital as our partner because of their experience, cultural compatibility, and partnership approach with their investments,” said Ed Kenny, President and CEO of LCS.


Care Announces Self Tender Offer

Care Investment Trust Inc.(NYSE: CRE) announced last week the commencement of a tender offer to purchase up to 100% of its currently issued and outstanding common stock at a price of $9.00 per share subject to a minimum subscription of 10,300,000 shares and certain other conditions.


The tender offer will expire at 12:00 p.m., Eastern Daylight Time, on Friday, August 13, 2010, unless extended. The tender offer is being made in connection with the purchase and sale agreement entered into between Care and Tiptree Financial Partners, L.P. ("Tiptree") on March 16, 2010 providing for the sale of control of Care through a combination of equity investment by Tiptree in newly issued common stock of the Company at $9.00 per share and a tender offer by the Company for up to 100% of its currently issued and outstanding common stock also for $9.00 per share.


NAI Bluestone Real Estate Capital Secures $39M in Financing to Recapitalize Senior Housing Portfolio in PA and NJ

NAI Bluestone Real Estate Capital, a Philadelphia-based real estate investment banking and advisory firm, announced that it has secured $39M in financing for a three-property portfolio located in Pennsylvania and New Jersey.  HUD provided $22M in financing and an additional $17M was secured from local banks and new equity funding.  The two properties in Pennsylvania had a total of 239 beds of independent, assisted living and skilled nursing communities and the New Jersey transaction was a 217 bed independent living facility in New Jersey.

“Today’s lending environment makes it essential to leverage creative financing solutions to successfully recapitalize existing debt for overleveraged properties,” said Shawn Sweeney, Senior Associate, NAI Bluestone Real Estate Capital. “In this case, the deals needed new equity and restructured sponsorship to secure the financing, along with a write down from the previous lenders, which can be incredibly challenging in today’s market.”