The company says the exchange reduces Senior Care's ratio of real estate mortgage debt to real estate equity to a new low of 16% and should add approximately $160,000 per year to the company's earnings due to reductions in interest payments.
Senior Care is carrying real estate held for development with a book value of over $34 million, with $13 million in debt against that property. The company recently hired an architect and two engineering firms to redesign the 800-acre Oasis project, which includes nearly 170 acres of commercial development along !with a golf course, 700 homes and 35 acres of multifamily development, a hotel and casino complex, and a recreational vehicle park.
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