Care Investment Trust LLC Announces $52.5 Million Joint Venture Transaction Acquisition of Seniors Housing Facilities Located in Pennsylvania and New Jersey PR Newswire NEW YORK, Nov. 21, 2013 NEW YORK, Nov. 21, 2013 /PRNewswire/ --Care Investment Trust LLC ("Care" or the "Company"), a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc. (NASDAQ: TIPT), has formed joint ventures to own and operate 3 senior housing communities with affiliates of Heritage Senior Properties, LLC and Heritage Senior Living, LLC ("Heritage"), a privately-held owner and operator of senior housing facilities in the northeast and mid-Atlantic. The acquisition of one New Jersey property and one of the Pennsylvania properties closed on November 15, 2013 while funds were delivered into escrow for the third property located in Pennsylvania, which will close upon obtaining approval from HUD. Care owns an 80% interest in the joint ventures, while affiliates of Heritage own the remaining 20% interest and continue to provide management services to the communities under a management contract. Salvatore (Torey) V. Riso, Jr., President and Chief Executive Officer of Care, stated, "Care is delighted to continue to grow its relationship based platform by partnering with Heritage, an experienced and hands-on operator in the seniors housing sector. We have spent the last several months developing the foundation of what we hope will be a successful partnership between our growing organizations." David Lovitz, President of Heritage, said, "We are very excited to partner with Care, a company sharing our culture of a strong commitment to quality care for seniors. We look forward to a growing relationship between the organizations as we look to incorporate new projects into this structure. Transaction Highlights: oCare partners with Heritage, a company that owns, operates and manages 14 seniors housing facilities in Pennsylvania, Virginia, and New Jersey. oCare acquires two independent living / assisted living / memory care facilities located in New Jersey and Pennsylvania containing an aggregate of 345 licensed beds. oCare funds into escrow for one senior living community located in Pennsylvania comprised of 46 assisted living beds, 19 memory care beds, and 30 skilled nursing beds that will close subject to obtaining approval from HUD. About Care Investment Trust LLC Care Investment Trust LLC is a real estate investment and finance company that invests in seniors housing and healthcare-related real estate. Care is a subsidiary of Tiptree Financial Inc. ("Tiptree") (NASDAQ: TIPT), a diversified holding company which conducts its operations through its operating subsidiary, Tiptree Operating Company, LLC. Tiptree's primary focus is on four segments: insurance and insurance services, specialty finance (including corporate, consumer and tax-exempt credit), asset management and real estate. About Heritage Senior Living, LLC Heritage develops, owns and operates senior housing communities throughout the Mid-Atlantic region and is committed to offering affordable housing options and improving the quality of life for seniors through proper nutrition, fitness, socialization and personal care. Heritage believes in an engaged, hands-on management philosophy and provides support to the staff of each community to achieve and maintain a high standard of excellence. Heritage strives to create a culture of support and compassion, through interactions with residents, staff and families that are consistently positive and respectful. Through these efforts, residents can enjoy a longer period of independence and a greater sense of usefulness and purpose. Cautionary Statement Regarding Forward-Looking Statements This release contains "forward-looking statements" which involve risks, uncertainties and contingencies, many of which are beyond Tiptree's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "estimate," "expect," "plan," "target," and similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about Tiptree's plans, objectives, expectations and intentions. There are various factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond Tiptree's control, including economic, business, funding market, competitive and/or regulatory factors. Factors such as these are set forth under the captions "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in Tiptree's most recent Annual Report on Form 10-K and its quarterly reports on Form 10-Q, and as described in Tiptree's other filings with the Securities and Exchange Commission ("SEC"). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and Tiptree is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. For more information on Care Investment Trust LLC, please visit ww.careinvestmenttrust.com For more information on Heritage Senior Living, LLC, please visit www.heritagesl.com SOURCE Tiptree Financial Inc.; Care Investment Trust LLC Website: http://www.careinvestmenttrust.com Contact: AT CARE INVESTMENT TRUST: Salvatore (Torey) V. Riso, Jr., President & Chief Executive Officer, (212) 446-1410, email@example.com AT HERITAGE SENIOR LIVING: David Lovitz, President, 215-793-4445, firstname.lastname@example.org
Care Investment Trust LLC Announces $52.5 Million Joint Venture Transaction
Press spacebar to pause and continue. Press esc to stop.