FRIENDSWOOD, Texas, Aug. 24 /PRNewswire-FirstCall/ -- TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living communities, today announced the execution of a funding agreement with Deutsche Bank Berkshire Mortgage, Inc. for the development of a new senior living community in Tennessee. Funding for Trinity Valley, an 82-unit, $10 million senior living community in Seymour, Tennessee, should be available under the agreement this summer, with completion of construction anticipated in 2010.
"Partnering with the financial strength and expertise of Deutsche Bank Berkshire Mortgage and its experience with the HUD/LEAN process will play a key role in allowing us to achieve our expansion goals for 2009," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "We are very pleased to be working with Mr. David Strange of DBBM in Nashville, Tennessee and have great confidence in their ability to provide the funding for what will be our seventh senior living community. We expect funding agreements for additional new communities to be announced in the next several weeks."
"We are delighted to be working with Mr. Sapaugh and the TrinityCare Senior Living team. The Federal Housing Administration remains an excellent source of mortgage capital, and we are pleased that TrinityCare has selected Deutsche Bank Berkshire Mortgage as the financial partner for its projects in Tennessee," stated members of the DBBM Nashville office.
"Trinity Valley will represent our third senior living community in eastern Tennessee and our second in the Knoxville area. This part of Tennessee has experienced rapid population growth in recent years and enjoys a very stable economic environment. As our equity partner in Trinity Valley, we have selected a local development group with significant experience in real estate and close ties to the Seymour community," concluded Sapaugh.
About Deutsche Bank Berkshire Mortgage
Deutsche Bank Berkshire Mortgage (DBBM), part of Deutsche Bank's Global Commercial Real Estate group, is an industry leader that specializes in financing solutions for multifamily properties. DBBM provides a range of services, including Fannie Mae DUS(TM), Freddie Mac Program Plus(R), and FHA MAP and TAP Mortgage Insurance, with access to Deutsche Bank's innovative commercial real estate financing offerings. DBBM originated more than $4.8 billion in mortgages in 2008, and it services a portfolio in excess of $25.6 billion with more than 2,100 properties located in 48 states and the District of Columbia.
Deutsche Bank Berkshire Mortgage includes Deutsche Bank Berkshire Mortgage, Inc., its origination and underwriting arm, and DB Mortgage Services, LLC, its servicing and asset management arm, both indirect, wholly owned subsidiaries of Deutsche Bank AG. In North Dakota, Texas, and Wisconsin, origination activities are conducted under the name DB Berkshire Mortgage, Inc. For more information about Deutsche Bank Berkshire Mortgage, please visit our website at www.db.com/cre.
About TrinityCare Senior Living, Inc.
TrinityCare Senior Living ("TrinityCare") develops, owns, and manages quality senior living communities that focus on enriching the faith of the residents and providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. The Company partners with local churches and developers for each community and offers a wide range of both community and personal services to residents. TrinityCare is a rapidly growing company with three successful communities currently operating in Texas and Tennessee and funding commitments for four additional communities to be completed in 2010. Near-term expansion plans target the Southeastern part of the United States. For more information please visit www.trinitycare.com.
TrinityCare is headquartered in Friendswood, Texas (Houston metropolitan area) and its common stock trades on the OTC Bulletin Board under the symbol "TCSR".
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
For Additional Information, Please Contact: Donald W. Sapaugh, CEO, at (281) 482-9700 or RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or via email at email@example.com
|SOURCE TrinityCare Senior Living, Inc.|
Copyright©2009 PR Newswire.
All rights reserved