Tri-National Names Morgan Stanley Dean Witter Preferred Lender.Business Editors SAN DIEGO--(BUSINESS WIRE)--Feb. 24, 2000 Tri-National Development Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TNAV) and its majority owned subsidiary, Alpine Gardens East, Inc. ("AGE"), announced today that Morgan Stanley Dean Witter (NYSE NYSE See: New York Stock Exchange :MWD MWD Metropolitan Water District of Southern California MWD Measurement While Drilling (oil drilling) MWD Morgan Stanley Dean Witter (stock symbol) MWD Molecular Weight Distribution MWD Military Working Dog ) has been named the preferred lender for the individual mortgage financing for Youngtown Gardens. Youngtown Gardens is a 126-unit assisted living as·sist·ed living n. 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. facility in Youngtown, Arizona. The Company completed construction on two models and the main entry building with offices and is currently 60% completed on the remaining 124 units, with an expected completion date in May of 2000. The Company hosted a formal open house at the site, with over 1,000 visitors in attendance, to publicize the project and the sale of its 126 condominiums for investment and owner occupied senior housing. The Company received additional reservations, now totaling over 200, to buy the 126 condominiums at an average of $197,500 each. The 6-acre facility is expected to be built-out for under $17,000,000. AGE will operate the facility and manage the condominiums for the investors, leasing them to seniors in need of housing. Incorporated in the Youngtown development will be 36 units specifically for people suffering from Alzheimer's and Dementia, which will be overseen by Dr. Javaid Sheikh sheikh or shaykh Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders. . Dr. Sheikh is a world-renowned expert on geriatrics geriatrics (jĕrēă`trĭks), the branch of medicine concerned with conditions and diseases of the aged. Many disabilities in old age are caused by or related to the deterioration of the circulatory system (see arteriosclerosis), e.g. and currently Associate Professor of Psychiatry at Stanford University. In addition to providing a separate independent profit center for the project, the Alzheimer's and Dementia facility will provide on-site basic care to residents of the assisted living condominiums. Tri-National's objective is to provide high quality senior independent and assisted living services and Alzheimer's and Dementia care in a cost-effective manner. AGE senior care facilities will offer housing and have available basic health care and personal support for elderly residents who are in need of assistance with certain activities of daily living but do not require the resources of a complete nursing facility. Currently, 23% of the U.S. population requires assisted living while 95% of all assisted living beds in the U.S. are full. This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors. FOR MORE INFORMATION SEE WWW WWW or W3: see World Wide Web. (World Wide Web) The common host name for a Web server. The "www-dot" prefix on Web addresses is widely used to provide a recognizable way of identifying a Web site. .TRI-NATIONAL.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. . Tri-National Development Corp. is an international real estate development and management company. |
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