Horizon Bay Senior Communities closes $120.5 Million in Financing Transactions

TAMPA, Fla.— Horizon Bay Senior Communities, a national operator of retirement communities, recently completed a $120.5 million refinancing of 10 properties in two separate transactions. Collateral Mortgage and Fannie Mae financed six properties and provided $74 million in financing, and GMAC Commercial Mortgage provided $45.5 million in financing for the remaining four properties. The properties are located in Rhode Island, Florida, California, Texas and Illinois, and have a total of 1,569 independent living, assisted living and skilled nursing units.

“We’re very pleased with the transaction and it will have a positive impact on our cash flow,” said Jon DeLuca, Horizon Bay’s chief financial officer. Horizon Bay Senior Communities operates 23 seniors housing communities in eight states with approximately 4,000 units.

For more information call Claire Catanach at 813-287-3955, or visit www.horizonbay.com.

HUD Offers Another $64 Million in Funds to Nonprofits for Assisted Living

WASHINGTON, D.C.—The U.S. Department of Housing and Urban Development (HUD) recently announced that $64 million in grant funds will be available to nonprofit sponsors of federally subsidized senior housing sites. Grants will be awarded to eligible sponsors for the purpose of converting some or all units within these sites to assisted living. The HUD grants will aid non-profit organizations in providing affordable assisted living options to low-income elderly persons. In the past three years, HUD has awarded more than $94 million in grants for assisted living conversion. The majority of past grant recipients were faith-based members of the American Association of Homes and Services for the Aging (AAHSA).

More information about HUD funding is available online at www.hud.gov.

MCLEAN, Va.—Sunrise Assisted Living, Inc. (NYSE: SRZ), changed its name to Sunrise Senior Living, Inc. The company’s stock now trades as Sunrise Senior Living under its current symbol, “SRZ.”

Sunrise announced its intent to change its name in December 2002 when the company disclosed it was acquiring Marriott Senior Living Services, Inc. The new name reflects the substantial expansion of Sunrise’s senior living business and the broad scope of services the company offers including independent living, assisted living, skilled nursing, care for residents with Alzheimer’s or other forms of memory loss and at-home assisted living.

“We are proud of the national reputation for excellence that Sunrise has built over the past 22 years,” said Paul Klaassen, chairman and CEO of Sunrise Senior Living. “Our new name, Sunrise Senior Living, better reflects the strengths and traditions of our organization today, and the broader range of services we have grown to provide.”

Sunrise Senior Living is the nation’s largest provider of senior living services. The McLean, Va.-based Company, which employs more than 30,000 people, has over 360 senior living communities either open or under construction in the United States, United Kingdom and Canada with a combined resident capacity of more than 40,000.

For more information, visit www.sunrise-al.com.

WASHINGTON, D.C.—In an effort to help uninsured and under-insured Americans without affordable access to well-tolerated and effective cholesterol therapy, The National Council on the Aging (NCOA) has announced the addition of the SAVE Program to its web-based service known as BenefitsCheckUp®. This development coincides with the national introduction of the SAVE Program by Andrx Laboratories to cash-paying patients and their physicians in need of a cost-effective alternative to expensive name brand pharmaceuticals.

The SAVE Program provides cash-paying patients with affordable access to routinely prescribed cholesterol-lowering statin therapy regardless of age or income for a full 12 months of therapy. In particular, the program offers well-tolerated and highly effective cholesterol medication, at a price that can result in up to $1,000 a year in savings over comparable national name brand products. The program also lowers the price below that of some generic products in this widely prescribed class of drugs.

“Limited access to affordable medications is a national problem for many seniors who lack prescription drug coverage. These individuals run the biggest risk of devastating their personal health and financial stability,” said James Firman, Ed.D., President and Chief Executive Officer of the NCOA. “Programs that deliver a combination of proven efficacy and safety at one low price nationwide is what seniors are looking for and what they deserve.”

For more information, visit www.ncoa.org.

Michael J. Fox Foundation Grants Additional Money for Research

NEW YORK—The Michael J. Fox Foundation for Parkinson’s Research (MJFF) has awarded approximately $2.2 million to fund 11 projects, which will investigate the role of cell inflammation in Parkinson’s disease. The Foundation launched its Inflammation initiative in January, and 51 researchers responded to the call for applications.

“It has long been known that there are inflammatory changes in the parkinsonian brain. However, we want to look at various sources of evidence which suggest these changes are not simply secondary to the process of neuronal degeneration but rather could be playing an active role in the neurodegenerative process,” explained Dr. Robert E. Burke, MD, member of MJFF’s Scientific Advisory Board and director of laboratory research in PD and related disorders at Columbia-Presbyterian Medical Center. “If we can improve our understanding of the connection between inflammation and PD we will be better positioned to develop new neuroprotective therapies which could slow the degenerative process of the disease.”

Recent epidemiologic studies, which have indicated that the use of non-steroid anti-inflammatory agents may be associated with a lower risk of developing Parkinson’s disease, represent one line of evidence that supports the possibility of cell inflammation as cause rather than an effect of PD.

Recipients of grant awards under the Inflammation initiative were chosen from a pool of international applicants, representative of five different countries, and are characterized by a wide range of research interest and expertise.

For more information on The Michael J. Fox Foundation for Parkinson’s Research, visit www.michaeljfox.org.

GE Healthcare Financial Services Supports New $225 Million Credit Facility

BALTIMORE—Omega Healthcare Investors, Inc. (NYSE: OHI) announced closing on a new $225 million senior secured credit facility. The transaction was arranged and syndicated by GE Healthcare Financial Services. Omega is a Real Estate Investment Trust investing in and providing financing to the long-term care industry. The company owns and holds mortgages on skilled nursing and assisted living facilities.

The new credit facility includes a $125 million term loan and a $100 million revolving line of credit. Proceeds from the loan will be used to refinance Omega’s two existing credit facilities and issue letters of credit.

“GE Healthcare Financial Services’ knowledge of the long term care industry and their financial strength enabled them to quickly syndicate and close this complex transaction to meet Omega’s financial needs,” said Taylor Pickett, CEO of Omega Healthcare Investors, Inc.

Kevin McMeen, senior vice president, GE Healthcare Financial Services, added, “We’re focused on helping companies like Omega meet their financial needs. The company has an experienced management team, well-diversified healthcare portfolio and improving collateral performance. We were able to provide a flexible, creative financing structure, approve the deal in less than 30 days, and close it shortly thereafter.”

For more information visit www.omegahealthcare.com and www.GEHealthcare.com.

Buyer’s Guide Corrections

Please note that our July/August Buyer’s Guide included an incorrect e-mail address for ADVANCED ANSWERS ON DEMAND INC.. To contact the company, please e-mail sales@advanced-answers.com.

Silverchair Learning Systems was incorrectly described. It is an online employee education company exclusively for the senior care industry. Its products promote greater quality of care by improving the effectiveness of care providers, while also increasing the economic success of senior care organizations by enhancing the efficiency of the employee training process.

For more information, call (866)805-7575 or visit www.silverchairlearning.com.

National Assisted Living Week Celebrated

WASHINGTON, D.C.—National Assisted Living Week will be held Sept. 7-13, 2003, beginning on Grandparent’s Day. This year’s National Assisted Living Week theme is “Sharing Life’s Treasures.”

The National Center for Assisted Living (NCAL) provides information to the public about this event. The week also celebrates the exceptional involvement of families, providers, volunteers, and individuals from the local community who foster a truly caring spirit.

Founded and sponsored by the NCAL, the week spotlights the crucial role assisted living facilities play in helping our nation’s elderly to live as independently as possible while enjoying a meaningful quality of life.

There are more than 800,000 people residing in approximately 33,000 assisted living facilities around the country. For more information, visit www.ncal.org.

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