Assisted Living Concepts Inc. announces a $9.5 million commitment with Health Care Property Investors Inc.Concepts Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ALF ALF - Algebraic Logic Functional language ) Tuesday announced that it has entered into an agreement to provide up to $9.5 million of financing for the sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. of five of the company's assisted-living facilities from Health Care Property Investors Inc. The facilities are located in Sherman, Texas; Gun Barrel, Texas; Carthage, Texas; Newport, Ore.; and Battleground, Wash. The three Texas projects are already open. The Oregon and Washington facilities are scheduled to open in the second quarter of 1996. Commenting on the transaction, Dr. Keren Brown Wilson, president and chief executive officer, stated: ``We are pleased to be partnering with HCPI HCPI Harmonized Consumer Price Index , a premier health-care REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). . An association with a REIT of this stature represents a significant step in the development of the company. As ALC (Assembly Language Coding) A generic term for IBM mainframe assembly languages. 1. ALC - Assembly Language Compiler. 2. ALC - Airline Line Control. continues its growth, we are looking forward to an ongoing relationship with HCPI.'' Health Care Property Investors is a self-administered equity- oriented real estate investment trust that invests in health-care- related facilities, including long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. , acute care, rehabilitation, assisted living and congregate care, physician group- practice clinics, a psychiatric-care center and medical office buildings. The company has invested directly or through joint ventures in 193 properties in 33 states. Assisted Living Concepts was formed to own, operate and develop assisted-living residences, an emerging form of housing for senior citizens who need help with the activities of daily living, such as bathing and dressing. In addition to housing, the company provides personal care and support services, and makes nursing services available according to the individual needs of its residents. The company believes that this combination of housing and services provides a cost-efficient alternative and provides an independent lifestyle for individuals who do not require the broader array of medical and health services provided by nursing facilities. CONTACT: Assisted Living Concepts Inc., Portland Keren Brown Wilson or Stephen Gordon, 503/252-6233 |
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