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ARC gets $200M in new financing.

Nashville-based American Retirement Corporation, a provider of senior living and health care services, has arranged $200 million in financing to fund its growth. The first part of the financing package is a $75 million commitment for a 3-year revolving credit facility from Bank United as agent and SouthTrust Bank of Alabama as co-agent. Another $75 million is to be syndicated. The line of credit will fund development, acquisitions, or expansions of senior living communities.

Secondly, Health Care REIT Inc. has committed $50 million for developing and acquiring ALFs and CCRCs.

American Retirement currently operates 46 senior living communities in 16 states with capacity for about 12,900 residents. It is developing or constructing 29 communities and expanding 9 existing communities, for an aggregate additional capacity of about 3,500 residents.
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Publication:Contemporary Long Term Care
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 1999
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