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Tiptree Financial Inc's Care Investment Trust LLC Announces $52.5 Million Joint Venture Transaction

Thursday, 21 Nov 2013 09:15am EST 

Care Investment Trust LLC (Care or the Company), a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc announced that it has formed joint ventures to own and operate 3 senior housing communities with affiliates of Heritage Senior Properties, LLC and Heritage Senior Living, LLC (Heritage), a privately-held owner and operator of senior housing facilities in the northeast and mid-Atlantic. The acquisition of one New Jersey property and one of the Pennsylvania properties closed on November 15, 2013 while funds were delivered into escrow for the third property located in Pennsylvania, which will close upon obtaining approval from HUD. Care owns an 80% interest in the joint ventures, while affiliates of Heritage own the remaining 20% interest and continue to provide management services to the communities under a management contract. Care acquires two independent living / assisted living / memory care facilities located in New Jersey and Pennsylvania containing an aggregate of 345 licensed beds. Care funds into escrow for one senior living community located in Pennsylvania comprised of 46 assisted living beds, 19 memory care beds, and 30 skilled nursing beds that will close subject to obtaining approval from HUD. 

Company Quote

0.03 +0.42%
21 Aug 2014