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EX-99.1 - EX-99.1 - Sentio Healthcare Properties Inc | a59298exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 14, 2011
April 14, 2011
CORNERSTONE HEALTHCARE PLUS REIT, INC.
(Exact name of registrant as specified in its charter)
Maryland (State or Other Jurisdiction of Incorporation) |
000-53969 (Commission File Number) |
20-5721212 (I.R.S. Employer Identification Number) |
1920 Main Street, Suite 400
Irvine, California 92614
(Address of principal executive offices)
Irvine, California 92614
(Address of principal executive offices)
(949) 852-1007
(Registrants telephone number, including area code)
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligations of the registrant under any of the following provisions.
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b)
o Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)
o Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)
Item 8.01. Other Events
On April 14, 2011, through a wholly-owned subsidiary, we purchased an assisted living
property, Sunrise of Allentown, from an affiliate of Sunrise Senior Living, Inc., a non-related
party, for a purchase price of $9.0 million. The property will be rebranded as Woodland Terrace at
the Oaks Senior Living (Woodland Terrace). The acquisition of Woodland Terrace was funded with
proceeds from our public offering, and it is our intent to obtain proceeds from a mortgage loan
from an unaffiliated lender post closing.
Woodland Terrace is an 86 unit/100 bed assisted living facility in Allentown, Pennsylvania.
Built in 1996 and renovated in 2006, the property is located approximately 60 miles north of
Philadelphia, PA. The property will be managed by Good Neighbor Care Centers, LLC, which operates
two facilities in our portfolio. Good Neighbor Care Centers, LLC, is a United States based senior
housing operator, managing 18 assets across the United States, including two in Pennsylvania.
In evaluating this acquisition and determining the appropriate amount of consideration to be
paid for this acquisition, we considered a variety of factors including overall valuation of
targeted net rental income, location, demographics, existing and planned competitive properties and
analyzed how the property compares to comparable properties in its market.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
99.1
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Press release dated April 19, 2011 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CORNERSTONE HEALTHCARE PLUS REIT, INC. |
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Dated: April 19, 2011 | By: | /s/ SHARON C. KAISER | ||
Sharon C. Kaiser, | ||||
Chief Financial Officer | ||||
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