Grand Court sells off properties to raise cash.
Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Florida-based Grand Court Lifestyles Inc., a provider of independent and assisted living as·sist·ed living
A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. services, announced its first sale of controlling interests in multifamily properties. Grand Court received $12 million, including $5 million in cash and a $7 million note receivable note receivable
A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. , in exchange for eight properties.
"The proceeds from these divestitures will enable us to continue developing senior housing communities," Bernard Rodin, president and COO, said in a prepared statement.
Grand Court manages or owns 48 senior living communities with more than 6,600 units and has controlling interests in 117 multifamily properties.
Grand Court also announced a 300,000 share stock repurchase Stock repurchase
A firm's repurchase of outstanding shares of its common stock. program. "We believe our stock is under-priced based on our underlying asset value and the excellent future prospects of the company," Rodin said.