Biz Briefs: CRL, firstSTREET, Cambridge, Brookdale

CRL Senior Living Communities Begins Offering Discounts Through New Corporate Partnership Program

CRL Senior Living Communities recently announced a new Corporate Partnership Program that will allow companies to offer a family discount on long-term care as a benefit to their employees.  Seniors who are directly related to an employee at a participating business will be eligible for a ten-percent reduction in their monthly base rate when they join any of CRL’s 16 communities across Wisconsin and Illinois. The discount applies to all of CRL’s housing options, which include independent living, assisted living and Alzheimer’s/memory care.  As part of the Corporate Partnership Program, CRL is offering on-site seminars that educate employees about different senior housing options and the organization’s comprehensive approach to resident care.

“Businesses are continually looking for new ways to attract and retain top employees, even at a time when payroll budgets are tight,” said CRL President Ari Weinberger. “Offering family members an innovative senior living experience at an affordable price is a great way for companies to provide a valuable benefit to workers without incurring added costs.”



firstSTREET Announces $4.2 Million Investment to Support its Continued Growth in 2011

firstSTREET for Boomers & Beyond Inc., has announced that it has raised $4.2 million through the issuance of senior convertible subordinated notes to a group of investors led by Jefferson Capital Partners, Ltd. Simultaneously, the Company closed a $1.5 million working capital facility with First Tennessee Bank. The proceeds will be used to retire the Company’s existing working capital facility and to provide growth capital to fund the Company’s continuing expansion into the Aging in the Home channel.

“The financing we are announcing today, which closed in late December, is a milestone in the Company’s history” noted Mark R. Gordon, firstSTREET’s President and CEO. Gordon continued, “The fresh capital allows us to accomplish a number of important objectives including the repayment and refinancing of higher cost debt on our balance sheet and the creation of incremental liquidity that will allow us to fund the continuing expansion of our product line and our distribution channels. It will also allow us to better support our existing vendors and channel partners. We are in the process of closing the best year in firstSTREET’s history and we look forward to continued growth in 2011.”

“firstSTREET is uniquely positioned to serve the rapidly expanding ‘Boomer and Beyond ‘demographic segment of our society and we are very pleased to be able to add to our existing investment in the Company” noted R. Timothy O’Donnell, Managing Director of Jefferson Capital Partners, Ltd. O’Donnell continued, “Mark Gordon and his management team have done a superb job of positioning the Company as the premier supplier of innovative products for Boomers and Beyond. Mark has identified a number of exciting new products and services. The incremental capital will allow the Company to aggressively pursue those growth opportunities.”



Cambridge Closes 2 HUD Lean Loans on Illinois senior housing properties

Cambridge Realty Capital Companies recently closed on two transactions for Illinois senior housing properties for over $9 million dollars.  The company closed on a $2.16 million FHA-insured HUD LEAN loan that refinanced the Hillsboro Rehabilitation and Health Care Center, a 107-bed skilled nursing facility in Hillsboro, Ill.  Separately, Cambridge Realty Capital Companies closed a a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers, a 107-unit senior independent living apartment community in Evanston, Illinois.  The transaction was funded using HUD’s Section 232 (a)(7) funding program for borrowers refinancing an existing HUD loan with a 40 year amortization.


Brookdale Expands and Extends Corporate Line of Credit

Brookdale Senior Living Inc. (NYSE: BKD) announced earlier this month that it has entered into an Amended and Restated Credit Agreement. The amended agreement increases the commitment under the credit facility from $120 million to $200 million and extends the maturity date to January 31, 2016. GE Capital, Healthcare Financial Services, acts as administrative agent, and Royal Bank of Canada, Bank of America and Mubadala GE Capital participate as lenders under the line of credit. GE Capital Markets arranged the financing.

The credit facility is secured by first priority mortgages in certain of the Company’s properties. The availability under the line may vary from time to time based upon the value and performance of the communities securing the facility. The revolving line of credit may be used to finance acquisitions, and to fund working capital, capital expenditures and for other general corporate purposes.