FRIENDSWOOD, Texas, July 28 TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living facilities, today announced the execution of a funding agreement with Deutsche Bank Berkshire Mortgage, Inc. for the development of a new senior living facility in Crossville, Tennessee. Funding for Trinity Heights, an 82-unit, $10 million senior living facility, should be available under the agreement this summer, with completion of construction anticipated in 2010.
"Partnering with the financial strength and expertise of Deutsche Bank Berkshire Mortgage, which has extensive experience with the HUD/LEAN process, will play a key role in allowing us to achieve our expansion goals for 2009," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "We are very pleased to be working with Mr. David Strange of DBBM in Nashville, Tennessee and have great confidence in his team's ability to provide the funding for our fifth senior living facility. We expect funding agreements for additional new facilities to be announced in the next several weeks."
"We are delighted to be working with Mr. Sapaugh and the TrinityCare Senior Living team. The Federal Housing Administration remains an excellent source of mortgage capital, and we are pleased that TrinityCare has selected Deutsche Bank Berkshire Mortgage as its financial partner for this new project," stated members of the DBBM office in Nashville.
"Trinity Heights will represent our second senior living facility in eastern Tennessee, an area that has experienced rapid population growth and a stable economic climate in recent years," continued Sapaugh. "Our initial Tennessee senior living facility, Trinity Hills in Knoxville, which opened in 2007, currently enjoys a 100% resident occupancy rate."
TrinityCare's equity partner in Trinity Heights will be Ray Mays, a local developer who has significant experience in healthcare ventures. "Working with TrinityCare presents a significant opportunity for the Crossville community," observed Mr. Mays. "We are excited about the development of this senior living facility, as it will bring much-needed services to seniors and their families in the area."
About Deutsche Bank Berkshire Mortgage
Deutsche Bank Berkshire Mortgage (DBBM), part of Deutsche Bank's Global Commercial Real Estate group, is an industry leader that specializes in financing solutions for multifamily properties. DBBM provides a range of services, including Fannie Mae DUS(TM), Freddie Mac Program Plus(R), and FHA MAP and TAP Mortgage Insurance, with access to Deutsche Bank's innovative commercial real estate financing offerings. DBBM originated more than $4.8 billion in mortgages in 2008, and it services a $25.6 billion portfolio that includes more than 2,100 properties located in 48 states and the District of Columbia.
Deutsche Bank Berkshire Mortgage includes Deutsche Bank Berkshire Mortgage, Inc., its origination and underwriting arm, and DB Mortgage Services, LLC, its servicing and asset management arm, both indirect, wholly-owned subsidiaries of Deutsche Bank AG. In North Dakota, Texas, and Wisconsin, origination activities are conducted under the name DB Berkshire Mortgage, Inc. For more information about Deutsche Bank Berkshire Mortgage, please visit its website at www.db.com/cre.
About TrinityCare Senior Living, Inc.
TrinityCare Senior Living ("TrinityCare") develops, owns, and manages quality senior living facilities that focus on enriching the faith of the residents and providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. The Company partners with local churches and developers for each facility and offers a wide range of both community and personal services to residents. TrinityCare is a rapidly growing company with three successful facilities currently operating in Texas and Tennessee. Near-term expansion plans target the Southeastern part of the United States. The Company has recently announced funding agreements for its fourth and fifth senior living facilities. For more information please visit www.trinitycare.com.
TrinityCare is headquartered in Friendswood, Texas (Houston metropolitan area) and its common stock trades on the OTC Bulletin Board under the symbol "TCSR".
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
For Additional Information, Please Contact: Donald W. Sapaugh, CEO, at (281) 482-9700 or RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or via email at [email protected]
SOURCE TrinityCare Senior Living, Inc.