Trinity Oaks was the first property developed by TrinityCare in Pearland,
Texas and has been at stabilized occupancy for several years since its opening
in early 2002. The facility recently refinanced through a HUD 232(b) program
with senior debt of $6.3M. The appraised value is $9,450,000. This facility
has 81 licensed units, with 80 operating. It is a large Type A facility and
can only accommodate residents at a certain level of acuity. The facility
is land locked and cannot expand to meet the overwhelming need. Currently
there are more than 15 residents on a waiting list. The need is for Memory
Care, two bedroom independent living and a higher level of care for assisted
living residents. The market also can easily support an adult day care program
of up to 16 residents daily.
Enzo Investments, Inc. owns what was previously known as the Jamison Farm
and Cannery. It is located at the entrance to the only private golf course
in Pearland, and is a city landmark. TrinityCare will be conveyed roughly
5 acres for the development of the proposed facility – Trinity Terrace. This
project will have at least 78 units comprised of Independent Living, Assisted
Living, a locked Memory Care Unit and Adult Day Care.
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