ITG, through its associated company Naples Lending Group, first invested in Buena Vida Estates as a debtor-in-possession lender in 1998. Having become familiar with this non-profit 501(c)(3) continuing care retirement community through its lending activities, ITG purchased all of the outstanding bond debt on Buena Vida Estates in August of 2000, bringing it out of bankruptcy. Assembling a dedicated leadership team along with a personal touch by ITG’s principal Dan Carter enabled ITG to not only rehabilitate this distressed asset but to successfully refinance the bonds in a $33 million dollar offering in January 2008. This refinance enabled a large expansion project to occur which added luxury independent, assisted living, and memory care units to be added along with a doubling of common area space. While Buena Vida Estates has always been Brevard County’s only continuing care retirement community, this expansion and renovation cemented its status as Brevard County’s preeminent senior living community. Buena Vida Estates, established in 1982, now has 162 independent living units with 9 different apartment styles and sizes to accommodate residents’ needs along with 32 luxury assisted living and 16 memory care units.
To learn more about Buena Vida Estates, please visit their newly revamped website at www.buenavidaestates.org
ITG has majority controlling interest in TNO Holdings, a single purpose entity formed to hold all the outstanding bond debt, purchased at severely distressed prices in August of 2006, on a chain of five 501(c)(3) non-profit nursing homes in Texas and Oklahoma. ITG successively split the chain, foreclosing on the two nursing homes in Texas and splitting them off into their own non-profit corporation. The three nursing homes in Oklahoma were put through bankruptcy to clean up their balance sheet. Throughout both the foreclosure and the bankruptcy the full bond debt remained in place. As an activist bond holder, ITG saw to the replacement of management at both the Texas and Oklahoma facilities. The non-profit holding the Texas facilities sold all its assets to meet its debt obligations effective November 1, 2007, refunding tax-exempt interest and principal on the TNO Holdings’ bonds equal to more than two and a half times what was originally paid for the bonds on the whole chain of five nursing homes. TNO Holdings retains ownership of all the outstanding debt on the Oklahoma facilities, which in March 2011 began performing fully on their bond interest payments.
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