Heavenrich Arranges Sale/Leaseback of Senior Housing Portfolio to Care Investment Trust Inc.

October 12, 2011 - Heavenrich & Company announced the closing of the sale/leaseback of three senior housing facilities owned by Greenfield Senior Living, Inc. (“Greenfield”). Heavenrich arranged the sale of the portfolio to Care Investment Trust Inc. (OTCQX:  CVTR). Care acquired the portfolio from affiliates of Greenfield for $20.8 million.  Simultaneously with the acquisition, Care leased the facilities back to affiliates of Greenfield under a master lease.

Heavenrich & Company, a senior housing investment brokerage company, was retained by Greenfield to explore various capital options. “Through this transaction, Greenfield achieved its stated goals of establishing liquidity and financial flexibility to capitalize on the turbulent and opportunistic acquisition market,” according to Adam Heavenrich, President of Heavenrich & Company.

Care funded the investment through cash on hand and approximately $15.5 million of first mortgage bridge financing from KeyBank National Association.  

Mathew Peponis, Chief Executive Officer of Greenfield, said, "Greenfield is excited to be partnering with Care.  Consistent with our commitment to provide outstanding care to seniors, we feel that Care also provides us a unique and collaborative platform to grow our organization.  We look forward to transforming the experience of senior living with the Care team."

Salvatore (Torey) V. Riso, Jr., President and Chief Executive Officer of Care, stated, "Care is pleased to be working with Greenfield Senior Living, an experienced operator with a clear passion for providing the highest level of care to seniors.  We are thrilled to be taking this first step with Greenfield, and sincerely hope that that this will be the start of a long-lasting, mutually beneficial relationship between our growing organizations."

Transaction Highlights:

-- Care establishes a strategic relationship with Greenfield, an organization which has been highly successful in operating quality assisted living, memory care and independent living facilities in Virginia and Tennessee.

-- Care acquires three stabilized, private pay assisted living facilities located in Virginia.

-- The portfolio contains 164 total licensed beds, consisting of 115 assisted living beds and 49 memory care beds.  The properties have an average age of 14 years, and are well-positioned for continued high occupancy and consistent financial performance within their communities.  The properties have exhibited stable operating performance, with aggregate occupancy levels averaging in excess of 90 percent over the last two full years.

About Care Investment Trust Inc.
Care Investment Trust Inc. is a real estate investment and finance company investing in healthcare-related real estate.  

About Greenfield Senior Living Inc.
Greenfield Senior Living Inc. has successfully grown from one senior housing facility into a regional operator of nine facilities.  Eight of the facilities are located Virginia with the remaining facility located in eastern Tennessee.  Offering assisted living, memory care and independent living, Greenfield is passionately dedicated to "caring for those who cared for us," and strives to make a difference in the lives of its residents and their families.  Greenfield's mission is to allow residents to lead full and enriching lives with dignity.  Through superior care, Greenfield attempts to transform senior living at its communities.

About Heavenrich & Company, Inc.
Heavenrich & Company is a financial advisory company serving independent, assisted living, Alzheimer and skilled nursing organizations. Since 1994, Heavenrich has advised public and privately held for-profit and non-profit healthcare organizations in mergers, acquisitions and finance.