Care Investment Trust Inc. Announces Joint Venture With Calamar Enterprises, Inc. For Acquisition Of Two Senior Apartment Communities
NEW YORK, Feb. 8, 2013 /PRNewswire/ -- Care Investment Trust Inc. (OTCQX: CVTR) ("Care" or the "Company"), a real estate investment company that invests in healthcare and seniors-related real estate, today announced that effective as of February 1, 2013, it entered into a joint venture with affiliates of Calamar Enterprises, Inc. ("Calamar"), owned 75% by affiliates of Care and 25% by affiliates of Calamar, for the acquisition of two senior apartment communities from affiliates of Calamar with an aggregate value of $23.3 million. Simultaneously with the acquisition, Care has entered into a ten-year management agreement with affiliates of Calamar for the management of the Properties. Both properties were developed by Calamar within the last 5 years and had an average occupancy in excess of 95% as of December 2012.
Calamar contributed the properties to the joint venture in exchange for its 25% ownership interest and Care funded its 75% portion of its equity investment with cash on hand. The joint venture, through subsidiaries, assumed two loans with an aggregate principal balance of approximately $18.3 million, provided by Liberty Bank.
Salvatore (Torey) V. Riso, Jr., President and Chief Executive Officer of Care, stated, "Care is very pleased to partner with Calamar who has established itself as providing high quality, affordable, communities to seniors. We look forward to a rewarding and long term relationship with Calamar."
Kenneth M. Franasiak, President and Chief Executive Officer of Calamar, said, "We are looking forward to a long and mutually beneficial relationship and anticipate future opportunities together."Transaction Highlights: — Establish a strategic relationship with Calamar, an organization which has been highly successful in owning and operating senior housing communities and other real estate assets.
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