TrinityCare Senior Living, Inc. (BULLETIN BOARD: TCSR) , which develops, manages and owns faith-based senior living communities, announced the execution of a funding agreement with Deutsche Bank Berkshire Mortgage, Inc. for the development of a new senior living community in Tennessee. Funding for Trinity Valley, an 82-unit, $10 million senior living community in Seymour, Tennessee, should be available under the agreement this summer, with completion of construction anticipated in 2010 (see also TrinityCare Senior Living, Inc.).
'Partnering with the financial strength and expertise of Deutsche Bank Berkshire Mortgage and its 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 their ability to provide the funding for what will be our seventh senior living community. We expect funding agreements for additional new communities 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 the financial partner for its projects in Tennessee,' stated members of the DBBM Nashville office.
'Trinity Valley will represent our third senior living community in eastern Tennessee and our second in the Knoxville area. This part of Tennessee has experienced rapid population growth in recent years and enjoys a very stable economic environment. As our equity partner in Trinity Valley, we have selected a local development group with significant experience in real estate and close ties to the Seymour community,' concluded Sapaugh.
Keywords: TrinityCare Senior Living, Inc.
This article was prepared by Health & Medicine Week editors from staff and other reports. Copyright 2009, Health & Medicine Week via NewsRx.com.
