Attached files
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| 8-K - Sentio Healthcare Properties Inc | v171427_8k.htm |
Cornerstone
Healthcare Plus REIT To Invest In
$16.3
Million Long-Term Acute Care Hospital in Rome, GA.
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(Irvine,
CA) January 12,
2010 - Cornerstone Real Estate Funds, and its strategic alliance
partner and sub-advisor Servant Healthcare Investments, announced a new
development project today. The Cornerstone Healthcare Plus REIT (formerly
Cornerstone Growth & Income REIT) will invest in the development of a
$16.3 million long-term acute care hospital (LTACH) on the campus of Floyd
Medical Center in Rome, Georgia. The project will be approximately 53,000
square feet of which approximately 86% will be occupied by the LTACH, with
the remainder being occupied by Floyd Medical Center for clinical space.
Construction is expected to begin in January of 2010 with the project
opening slated for March of 2011.
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The
project is a joint venture among Cornerstone Healthcare Plus REIT, another
Cornerstone sponsored fund and The Cirrus Group, LLC a real estate development
company specializing in the development and delivery of customized,
state-of-the-art medical and healthcare-related real estate. The Cirrus Group is
based in Dallas and has completed over 65 medical projects nationwide since its
inception in 1996.
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The
LTACH will be an expansion of The Specialty Hospital, an existing 24-bed
LTACH within the main hospital building. The new LTACH will be a separate
freestanding building connected to the existing hospital and will have a
total of 45 beds. RehabCare Group, Inc., which currently owns 80% of The
Specialty Hospital and operates the existing facility, will continue to
operate the new facility and has signed a long term lease for its
space.
RehabCare
is one of the country’s largest providers of services in the post-acute
setting, providing services to over 1,200 hospitals, skilled nursing
facilities and other long-term care operators. RehabCare specializes in
providing less capital intensive and more efficient rehab services to
their patients. The company is publicly listed on the NYSE under the
ticker RHB.
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The
expanded LTACH will serve patients throughout the northwest Georgia and
northeast Alabama region who are in need of intensive care for an extended
period of time. There are no competing LTACH facilities within a 50 mile radius
of the new development project
This
release contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such statements involve risk and uncertainties which could cause actual
results to vary materially form those expressed in or indicated by the
forward-looking statements. Factors that may cause actual results to differ
materially include changes general economic conditions, changes in real estate
conditions, changes in interest rates, lease-up risks, lack of financing
availability and lack of capital proceeds. Securities offered through Pacific
Cornerstone Capital, Inc. Member FINRA and SIPC. Investments are not FDIC
insured, not bank guaranteed and may lose value.