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FOR IMMEDIATE RELEASE
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CONTACTS:
Robert M. Kaufman, President
CareMatrix Corporation
(781)433-1000
Robert P. Jones/Jill Ruja
David Sassoon - Media Contact
Morgen-Walke Associates
(212)850-5600
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CAREMATRIX SIGNS AGREEMENT TO LEASE 324-UNIT PREMIER
FACILITY IN BROWARD COUNTY, FLORIDA
Needham, MA, July 17, 1997 -- CareMatrix Corporation (AMEX: CMD), a fully integrated assisted living company, today announced a lease/purchase for a 324-unit premier retirement facility located on 78 acres of land in Broward County, Florida.
The Company entered into an agreement, subject to final documents, to lease the facility which was built in 1989 and has been fully occupied with a waiting list for the past several years. It caters to upper income seniors seeking independent living, supportive independent living and assisted living services in a campus-like setting. The lease also contains an option to purchase exercisable in three years. Present management will continue to own and operate the facility in the interim. In addition, the Company plans to build a 120-unit assisted living facility on the site in ajoint venture with the current owners, which is expected to be in operation in 1999.
Robert M. Kaufman, President of CareMatrix, commented, "This agreement is consistent with our plan of controlled growth through additions of quality facilities. This facility is located in our second largest cluster market and provides us with significant upside potential both from the existing facility as well as the addition of the assisted living property to be developed. More importantly, it initiates our partnership with Stanley Rosenthal, the manaaing partner of the facility, who will be our partner in planning and operating the assisted living facility and with whom we will look for additional sites to develop similar facilities in Florida and metropolitan New York."
CareMatrix Corporation is a leading provider of senior living facilities, including assisted living, supportive independent living, and specialized programs for people with Alzheimer's disease.
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