Attached files
| file | filename |
|---|---|
| 8-K - Sentio Healthcare Properties Inc | v170572_8k.htm |
| EX-10.1 - Sentio Healthcare Properties Inc | v170572_ex10-1.htm |
| EX-99.1 - Sentio Healthcare Properties Inc | v170572_ex99-1.htm |
| EX-10.2 - Sentio Healthcare Properties Inc | v170572_ex10-2.htm |
Exhibit
99.2
Cornerstone
Growth & Income REIT
Acquires
$13.0 Million Skilled Nursing Facility
|
(Irvine,
CA) December 31,
2009 - Cornerstone Real Estate Funds, and its strategic alliance
partner and sub-advisor Servant Healthcare Investments, announced the
acquisition of a $13.0 million healthcare property today. The
Cornerstone Growth & Income REIT acquired Mesa Vista Inn Health
Center. The property is a 96-unit, 144-bed, skilled nursing
facility in San Antonio, TX. The 53,851 square foot property
was constructed in 2008 and sits on 6.4 acres.
|
 |
The
property was constructed to replace a 40-year old facility located approximately
2 miles away. TriSun Healthcare, LLC, an affiliate of Harden
Healthcare, LLC, will continue to operate the property. Harden
Healthcare, through its affiliates, provides a continuum of services addressing
a range of healthcare needs including rehabilitation, home health care, assisted
living, skilled nursing, pharmacy services and hospice care.
An
affiliate of Harden Healthcare has agreed to a 15-year lease agreement at a rate
of 11.50% of the purchase price, with 2.50% annual increases
thereafter. According to Cornerstone CEO Terry Roussel, “This
transaction provides greater evidence of the high quality, high cash flow
opportunities we are seeing in the healthcare arena.” John Mark
Ramsey, CEO of Servant Healthcare Investments, stated “The property itself is
extremely attractive given its newer construction, residential feel and the
quality of care residents receive. Working with an operator like
Trisun Healthcare makes this acquisition very appealing, especially considering
their ability to provide multiple services in a quality setting and their depth
of expertise as a provider of senior care services throughout
Texas.”
Harden
Healthcare has agreed to provide certain credit enhancements to the lease,
including a security deposit. The acquisition was financed with loan
proceeds of $7,500,000 and cash proceeds of $5,500,000 plus closing
costs. Terms of the loan include a fixed interest rate of 6.5%, 20
year amortization, with a five-year term. The loan is guaranteed by
certain principals of Harden Healthcare.
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.