(ORLANDO, FL) February 13, 2014 - Sentio Healthcare Properties, Inc., ("Sentio" or the "REIT"), a real estate investment trust focused on healthcare-related real estate, in partnership with KR Management, LLC ("KR"), a leading Florida-based regional senior-housing operator and developer, announced today the imminent ground breaking for Buffalo Crossing (the "Project"), a Class A, 108-unit assisted living facility located in The Villages, FL. Buffalo Crossing is anticipated to open in the spring of 2015.
Buffalo Crossing will be the newest senior housing facility in the market and only the second dedicated assisted living facility to open within The Villages. As a part of its affiliation with The Villages, the residents of Buffalo Crossing can participate in activities located within The Villages, utilize the existing infrastructure and, most importantly, have access to The Villages Health Center physician network. The Project reflects an innovative design featuring gathering areas throughout, resembling a more residential design. Additionally, the Project will feature amenities such as fine dining, a stocked bistro, screened putting greens, an on-site physician's clinic and an emergency call alert system.
President and CEO of Sentio, John Mark Ramsey described the transaction this way, "It has been a desire of ours for some time to develop within The Villages and once we got to know the team at KR, we knew this would be the right partnership for accomplishing our objective. We were impressed with their successful development and operation of Sumter Place, their existing relationships within The Villages and, most importantly, the way they care for their residents. Their innovative development plan and strong track record aligns very closely with our strategic goals for enhancing the REIT."
Bill Kelsey, Managing Partner of KR, had this to say about the announcement, "Terry and I are very pleased to have embarked on this development project alongside Sentio. As we met with various potential investment partners about this project, Sentio quickly became our partner of choice. We appreciated their ability to connect with us on our philosophy of "compassion first," as it relates to operations and resident care. We believe their vast investment experience, combined with their deep understanding of operations, will lead to a strong partnership and successful development project."
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.
About KR Management, LLC
KR Management, LLC is a leading Florida-based owner, operator, and developer of senior housing communities. KR was founded in 2002 by Terry Russell and Bill Kelsey. Both principals have over 20 years of experience in senior housing and skilled nursing facilities. They currently manage six communities including Sumter Place, the sister community to Buffalo Crossing located in The Villages. Sumter Place opened in the summer of 2012 and reached stabilized occupancy within 90 days of opening.
The Villages Overview
The Villages, FL is the largest and fastest growing active adult (aged 55 and over) community in the country. Per the latest US Census estimates approximately 101,600 residents lived in The Villages in 2012. The community spans three counties, three zip codes and approximately 20,000 acres. The Villages has approximately 32 golf courses and several hundred member clubs and activities. Additionally over 100 miles of golf cart paths connect the restaurant and retail establishments with the neighborhoods and activity centers.
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.