Care Investment Trust Inc. recently acquired three senior housing facilities from affiliates of Greenfield Senior Living, Inc., for $20.8 million in a sale lease-back transaction.
Greenfield affiliates have leased back the three private pay assisted living facilities, located in Virginia, under a base term of 12 years with two ten-year renewal options.
Care’s investment was funded through cash on hand and approximately $15.5 million of first mortgage bridge financing from KeyBank National Association, and anticipates obtaining permanent financing through a KeyBank-sponsored Freddie Mac refinancing, which is expected to occur within 90 days after closing.
“Care is pleased to be working with Greenfield Senior Living, an experienced operator with a clear passion for providing the highest level of care to seniors,” Salvatore Riso, Jr., President and CEO of Care, said in a statement. “We are thrilled to be taking this first step with Greenfield, and sincerely hope that that this will be the start of a long-lasting, mutually beneficial relationship between our growing organizations.”
The portfolio contains 164 licensed beds, 115 of which are assisted living beds, with the remaining 49 belonging to memory care. Aggregate occupancy rates were at 95.7% as of August 2011, with levels averaging above 90% in the past two years.
Written by Alyssa Gerace