Needham, MA, July 24, 1997 -- CareMatrix Corporation, (AMEX: CMD), a fully integrated assisted living company, and Chancellor Senior Housing, the owner of a majority of their development facilities, jointly announced that Chancellor has received a commitment for $200 million of facility financing from CS/First Boston.

Robert M. Kaufman, President of CareMatrix, noted, "This financing represents some of the best terms in the market, which will benefit us as we enter into leases for the facilities, and it helps to ensure the continuity of our development."

In addition, the Company announced that Michael Doyle resigned his position as Chief Executive Officer. Michael was formerly the Chairman of The Standish Care Company, the first publicly traded assisted living company, which merged into CareMatrix in October 1996. Michael stated, "I am proud of my accomplishments with both Standish and CareMatrix and my role in furthering the assisted living movement in general. It is now time for me to move on to pursue other challenges."

Abraham D. Gosman, Chairman of CareMatrix added, "We understand his desire to seek other opportunities and wish him well in his future endeavors. I am confident that the team we have assembled at CareMatrix, along with its strong capital position, will continue to serve the Company very well in the future."