Greenfield Senior Living Inc. Enters Lease Transaction with Care Investment Trust LLC
Summary
Pursuant to the lease, Care will provide Greenfield with $1 million to fund initial capital expenditures to enhance and reposition each of the properties. In connection with the acquisition, Care secured a $39.5 million, 10 year loan, which includes 18 months of interest only payments. With our community partners, we will continue to transform the senior living experience by introducing new medical models, enhancing environments, and using technology to delight our customers.” Salvatore (Torey) Riso, President and Chief Executive Officer of Care, stated, "With today’s closing, Care has broadened and deepened its important relationship with Greenfield. This is exactly what we had hoped would happen with the Greenfield relationship and it serves as a model of our strategy to partner and build with a select group of high quality regional operators. As of March 2015 Greenfield currently operates 20 communities comprising 1,449 units located in the Mid-Atlantic and South regions and employees 750 team members.