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HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES CLOSING OF $60 MILLION TRANSACTION WITH COMMUNITY CARE OF AMERICA, INC.

 NEWTON, Mass., Jan. 3 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced that it closed a $60 million transaction with Community Care of America, Inc. ("Community Care").
 Community Care is a new privately owned company whose investors are, among others, the Desai Venture Capital Group of New York, and Dr. Robert Elkins, chairman of Integrated Health Services, Inc. (NYSE: IHS).
 HRP originally announced its commitment to this transaction in September 1993. The final form of this transaction involved HRP purchasing for $33.4 million, 12 nursing homes and five retirement apartment complexes (1,037 beds and 72 apartments) and HRP providing $26.6 million first mortgage and/or first lien secured financing for 14 nursing homes and one retirement apartment complex (1,146 beds and 47 apartments). These facilities are located in Nebraska, Colorado, Iowa, Wyoming, Kansas and Missouri and all of these facilities will be leased to or owned and operated by Community Care and its subsidiaries. This transaction closed late last week before year end 1993.
 Health and Rehabilitation Properties Trust is a real estate investment trust headquartered in Newton, Mass., which has approximately $522 million of health care related real estate investments in 143 facilities located in 27 states.
 -0- 1/3/94
 /CONTACT: David J. Hegarty, executive vice president of Health & Rehabilitation Properties Trust, 617-332-3990/
 (HRP IHS)


CO: Health and Rehabilitation Properties Trust; Community Care of
 America, Inc.; Desai Venture Capital Group of New York; Integrated
 Health Services, Inc. ST: Massachusetts; New York IN: HEA SU: RLE


JL-CM -- NE004 -- 8596 01/03/94 15:38 EST
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Publication:PR Newswire
Date:Jan 3, 1994
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