(ORLANDO, FL) December 18, 2013 - Sentio Healthcare Properties, Inc., ("Sentio" or the "REIT"), a real estate investment trust focused on healthcare-related real estate, announces the acquisition of Standish Village at Lower Mills ("Standish") through a joint venture with a member of the seller, Senior Living Residences ("SLR"). Standish is a senior living community located in Boston, MA. It has a total of 85 units with 72 units dedicated to Assisted Living and 13 units dedicated to Memory Care.
Standish Village is positioned on 1.75 acres of land along the Neponset River and is a historical landmark, having originally served as a 19th century mill. Some architectural features of the original mill that have been retained include decorative turrets, and oversized windows in the units. Amenities of the facility include a main dining room, library, exercise room, music room, sunrooms, living rooms, activities areas, and a resident kitchen.
SLR is based in Massachusetts and will continue to operate the facility. In addition to Standish, SLR is the owner/operator of four more facilities and manages an additional seven properties. For over 20 years, SLR has been involved in the start-up development, successful lease-up, and management of 30 Assisted Living Communities comprised of more than 2,000 units throughout the New England area.
This transaction marks another deployment of Sentio's investment agreement with an affiliate of leading global investment firm Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates "KKR"). As a part of the agreement, KKR committed to provide an initial $150 million of convertible preferred equity to Sentio over a two to three year period.
John Mark Ramsey, President and CEO of Sentio, described the transaction this way, "Adding Standish to our portfolio is an exciting opportunity for us and we believe this new market will continue to enhance the diversity of the REIT. We are pleased SLR chose to partner with us and believe their operational experience along with their focus on exceptional resident care will help sustain the strong track record Standish has experienced thus far."
Robert Larkin, President and Co-founder of SLR, speaking on behalf of himself and SLR partners Peter Mullin and Tadd Clelland, had this to say about Sentio's purchase of Standish, "From our earliest meetings, we felt Sentio understood our approach to care and Standish's unique position in the marketplace. The more we got to know them, the more similarities we found and believe that our combined teams will prove to be valuable in sustaining our current trajectory both now, and well into the future."
About Sentio Healthcare Properties, Inc.
Sentio Healthcare Properties, Inc. is a public, non-listed, real estate investment trust, which invests exclusively in healthcare-related real estate, and is committed to delivering strong and reliable returns to investors. The Company features a diversified portfolio of senior housing and medical properties throughout the United States. Their portfolio offers diversity in many areas including asset type, geographic location, operators and payor mix. The REIT is led by a team of healthcare real estate industry veterans at Sentio Investments, LLC, the REIT's advisor. Their core objective is to tailor a capital structure that complements the operating platform of developers and owner/operators, recognizing that each is unique in its approach and service to the healthcare industry.
Forward-Looking Statements and Securities Act Legends
Certain statements in this release containing the words "believes," "expects," and similar words, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from results expressed or implied by forward-looking statements. Such factors include, among others: economic and business conditions, nationally and in regions in which Sentio will operate, relating to healthcare-related real estate; the availability of suitable investments at the relevant time; and whether all conditions to any drawdown of the committed funding can be satisfied at the relevant time. Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. Sentio disclaims any obligation to update any of the forward-looking statements contained herein to reflect future events or developments.
The securities referenced in this release have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release is not an offer to sell, or a solicitation of an offer to buy, any security.