Alterra reports $230M in new financing.

Brookfield, Wisconsin-based Alterra Healthcare Corporation has arranged $230 million of financing to fund its continuing development and acquisition of assisted living residences.

Alterra received commitments from a syndicate of banks led by Houston-based Bank United for an $80 million revolving line of credit. Firstar Bank of Milwaukee NA and AmSouth Bank joined Bank United in the syndication.

GuarantyBank, a subsidiary of Temple-Inland Inc., is providing Alterra a $50 million development facility to finance new construction projects and recently completed residences.

Alterra also entered into a letter of intent with National Health Investors Inc., a real estate investment trust, which is considering up to $100 million of sale/leaseback transactions on developed or acquired ALFs. Initial closings of about $31.6 million under the letter of intent occurred in December 1998.