Sunrise Senior Living Completes Sale of 8 of 9 German Facilities
Sunrise Senior Living announced that it completed the previously announced sale of eight of the Company’s nine German assisted living facilities to GHS Pflegeresidenzen Grundstücks GmbH and TMW Pramerica Property Investment GmbH, the Munich-based business of Prudential Real Estate Investors. The previously announced transaction was completed as consideration for the remaining seven properties was released from escrow on a property-by-property basis to the respective lenders as liens were discharged on each property and legal title was transferred to the purchasers, the last of which took place on October 28, 2010. As previously disclosed, effective September 1, 2010, Sunrise transferred the management of these eight communities to Kursana Seniorenvilla GmbH, a Germany-based senior living provider.
CAX and KTGY Announce Merger
CAX, a Tysons Corner, Virginia-based architectural firm, recently announced that it has completed a merger with California-based KTGY Group. The merger will provide a firm with local representation on both coasts as CAX Principal Rohit Anand assumes management responsibility for KTGY’s Tysons Corner office.
“This merger greatly strengthens KTGY’s national presence,” said Tricia Esser, CEO of KTGY. “The combined firms will provide coast-to-coast services to clients in single-family, multi-family, senior communities, student housing, military housing and mixed-use markets.
“We have always admired KTGY’s creative work and reputation for establishing industry trends,” said Anand. “Like them, we have always sought to provide thought leadership to our clients—leadership that has never been more important than in today’s challenging times.
NHC Announces Renewal of $75 Million Credit Line
National HealthCare Corporation (NYSE:NHC), an operator of long-term health care and assisted living facilities, announced that it has renewed its $75 million line of credit with Bank of America for an additional year.
Robert Adams, CEO, stated: "With the renewal of our credit arrangement with Bank of America, we continue to have access to ample financial resources to develop growth opportunities not only in the long-term and home healthcare areas but in all areas of senior care."