Care Investment Trust LLC ("Care" or the "Company"), a seniors
housing-focused real estate investment and finance subsidiary of Tiptree
Financial Inc. (NASDAQ:TIPT), has formed a joint venture to own and
operate 3 senior housing communities with affiliates of Greenfield
Senior Living, Inc. ("Greenfield"), a privately-held owner and operator
of senior housing facilities in the Mid-Atlantic and South regions of
the United States. Care owns an 80% interest in the joint venture, while
affiliates of Greenfield own the remaining 20% interest and provide
management services to the communities under a management contract. The
360-unit portfolio acquisition closed on October 1, 2014. In connection
with the acquisition, Care and Greenfield secured a $23.1 million, 5
year loan, which includes 36 months of interest only payments and a $2
million earn out feature.
Salvatore (Torey) V. Riso, Jr., President and Chief Executive Officer of
Care, stated, "Care is excited about expanding its relationship with
Greenfield by joining as partners to own and operate these three
facilities. Greenfield has an exceptional track record of adding value
to the properties it manages, while allowing its residents to lead full
and enriching lives with dignity. We are thrilled to build our company
with such a skilled and experienced operator, and we look forward to
what lies ahead for Care and Greenfield."
Mathew Peponis, Chief Executive Officer of Greenfield, said, "Working
together with Care, we continue to build upon our shared mission of
transforming the experience of senior care. We are delighted to have
Greenfield Residences at Monument Avenue and Greenfield Residences of
Arlington Texas join the Greenfield Family.”
Transaction Highlights:
— Care partners with Greenfield, a company that now operates 14 seniors
housing facilities in Pennsylvania, Virginia, Tennessee, and Texas.
— Care and Greenfield together acquire an independent living facility in
Arlington, Texas with 178 units and an assisted living facility in
Richmond, Virginia with 55 assisted living units. Greenfield contributes
one of its existing properties to the new partnership with 68
independent living units, 44 assisted living units, and 15 memory care
units located in Oakridge, Tennessee.
— Care and Greenfield plan to enhance the resident experience at the
communities by implementing an extensive capital improvement program and
by adding programming at two of the communities to cater to higher
acuity residents.
About Care Investment Trust LLC
Care Investment Trust LLC is a real estate investment and finance
company that invests in seniors housing and healthcare-related real
estate. Care is a wholly-owned subsidiary of Tiptree Financial Inc.
("Tiptree") (NASDAQ:TIPT), a diversified holding company engaged through
its consolidated subsidiaries in a number of businesses and is an active
acquirer of new businesses. Tiptree, whose operations date back to 2007,
currently has subsidiaries that operate in four industry segments:
insurance and insurance services, specialty finance, asset management
and real estate.
About Greenfield Senior Living, LLC
Virginia-based, Greenfield is a “best-in-class” regional owner/operator
of Independent Living, Assisted Living and Memory Care communities
specializing in creating value through acquiring, repositioning and
managing distressed senior housing communities back to profitability.
Greenfield currently operates 14 communities comprising 1,150 units all
located in the Mid-Atlantic and South regions.
Cautionary Statement Regarding Forward-Looking Statements
This release contains “forward-looking statements” which involve risks,
uncertainties and contingencies, many of which are beyond the Tiptree’s
control, which may cause actual results, performance, or achievements to
differ materially from anticipated results, performance, or
achievements. All statements contained in this release that are not
clearly historical in nature are forward-looking, and the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,”
“plan,” “project,” “should,” “target,” “will,” or similar expressions
are intended to identify forward-looking statements. Such
forward-looking statements include, but are not limited to, statements
about the Tiptree’s plans, objectives, expectations and intentions. The
forward-looking statements are not guarantees of future performance and
are subject to risks, uncertainties and other factors, many of which are
beyond the Tiptree’s control, are difficult to predict and could cause
actual results to differ materially from those expressed or forecast in
the forward-looking statements. The Tiptree’s actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors, including, but not limited to
those described in the section entitled “Risk Factors” in the Tiptree’s
Annual Report on Form 10-K, and as described in the Tiptree’s other
filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date of this release. The factors
described therein are not necessarily all of the important factors that
could cause actual results or developments to differ materially from
those expressed in any of the Tiptree’s forward-looking statements.
Other unknown or unpredictable factors also could affect our
forward-looking statements. Consequently, the Tiptree’s actual
performance could be materially different from the results described or
anticipated by its forward-looking statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. Except as required by the federal securities
laws, we undertake no obligation to update any forward-looking
statements.
For more information on Care Investment Trust LLC, please visit www.careinvestmenttrust.com
For more information on Greenfield Senior Living, Inc., please
visit www.greenfieldseniorliving.com
Copyright Business Wire 2014