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 acquired six senior housing
communities from a third party seller for $54.48 million. Concurrent
with the acquisition, Care will master lease the properties to
affiliates of Greenfield Senior Living ("Greenfield"), a privately-held
owner and operator of senior housing facilities in the Mid-Atlantic and
South regions of the United States. Pursuant to the lease, Care will
provide Greenfield with $1 million to fund initial capital expenditures
to enhance and reposition each of the properties. In connection with the
acquisition, Care secured a $39.5 million, 10 year loan, which includes
18 months of interest only payments. The initial funding amount was
approximately $38.7 million and the remaining amount was held-back at
closing to reimburse the borrowers for a portion of the capital
expenditures.
Salvatore (Torey) Riso, President and Chief Executive Officer of Care,
stated, "With today’s closing, Care has broadened and deepened its
important relationship with Greenfield. We started working together in
September 2011 with a 3 community triple net sale-leaseback transaction,
we expanded that relationship with a 3 community joint venture in
October 2013, and now we are thrilled to add 6 more communities in a
participating lease structure. This is exactly what we had hoped would
happen with the Greenfield relationship and it serves as a model of our
strategy to partner and build with a select group of high quality
regional operators. Greenfield is made up of true professionals that
care deeply about their residents and staff. Together, we are looking
forward to the continued growth of our companies.”
Mathew Peponis, Chief Executive Officer of Greenfield, said, “Greenfield
Senior Living is honored to expand its relationship with Care Investment
Trust. We are excited that over 350 new residents and their family
members will now be enjoying the Greenfield experience. We have new and
innovative projects planned that we think our residents, families and
team members are going to love. With our community partners, we will
continue to transform the senior living experience by introducing new
healthcare models, enhancing environments, and using technology to
delight our customers.”
Transaction Highlights:
— Care partners with Greenfield, a company that now operates 20 seniors
housing facilities in Maryland, New Jersey, Pennsylvania, Virginia,
Tennessee, and Texas.
— Care acquires the real estate of 6 senior housing facilities with 299
units in four states, and simultaneously leases them to Greenfield
pursuant to a participating lease structure with a 12 year initial term.
— Care and Greenfield plan to enhance the resident experience at the
communities by implementing an extensive capital improvement program, as
well as enhanced programming and services.
— Weighted average occupancy across the portfolio was approximately
89.6% as of February 2015.
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
industries: insurance and insurance services, specialty finance, asset
management and real estate.
About Greenfield Senior Living
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 20 communities comprising 1,449 units
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, please visit www.greenfieldseniorliving.com
Copyright Business Wire 2015