(ORLANDO, FL) December 5, 2014 - Sentio Healthcare Properties, Inc., ("Sentio" or the "REIT"), a real estate investment trust focused on healthcare-related real estate, announced today the $9.65M purchase of Spring Village of Wildewood ("Wildewood"), located in California, Maryland. Wildewood is a 48-unit senior living community with a mix of assisted living and memory care units. The community is located within The Villages of Wildewood, which is an age restricted, 55+, single family and multi-family community, within a larger Planned Unit Development (PUD) known as Wildewood. The newly constructed property opened in May 2014.
Sentio has partnered with WoodBine Senior Living to operate the property. WoodBine currently manages two exisitng properties in Sentio's portfolio, Forestview Manor and Spring Village at Floral Vale. Based in Maryland, WoodBine Senior Living was founded by Steve Gaylor and Gloria Brock and their management and development services extend throughout the eastern United States.
This acquisition marks an additional investment under 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.
Sentio's President and CEO, John Mark Ramsey described the transaction this way, "We are excited to have another opportunity to partner with WoodBine Senior Living. Through the years, we have shared a common passion in our approach to senior housing. Our team has been impressed with their creative initiative, and consistent desire to stay on the cutting edge of providing optimal resident care. We believe their leadership and experience will lead to a very successful project."
About Sentio Healthcare Properties
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 industry 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 WoodBine Senior Living
WoodBine Senior Living manages the day to day operations for owners and asset holders, ensuring financial and operational success in their communities. The founders, Steve Gaylor and Gloria Brock, bring over 40 years of experience in the senior services arena. The company was formed from their passion to better serve today's seniors. WoodBine believes their individual community approach and market specific processes are what set them apart from other operators. Their mission is to improve the quality of life for all seniors, develop their service teams, and increase asset values.
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.