Integrity has closed on 19 licensed facilities in five states, resulting in a portfolio of ALFs valued at $50M+. These facilities are in rural/urban locations, well established and strongly cash flowing. We have acquired, through Leumi Bank, the largest bank in Israel, a complete, full service, in-house credit facility, with rates locked in 4.5% to 5.5% range for a 3 year term. With over $314 Billion in Assets under management, Leumi has proven to be a loyal partner, as is UCB. Contributing Partners are exchanging 30% (normally more if off-setting additional Capital Gains is desired) of their full appraised net equity in these facilities for interest in Integrity (a minimum of 30% contributed equity is required). The 70% balance is paid to the contributing Partner in cash. Ongoing, Integrity wishes to provide service to residents/clients on a higher scale in our managed facilities, and maintain the strong local ties and existing relationships now in place with each community.
Selling the unique benefits Integrity offers for the small to mid-size Owner/Operators who already have relationships with our core Partners will be an ongoing source of newly added facilities to our portfolio. Extending our efforts to this next level of Partners/Contributors will continue to expand Integrity’s facility base. Further, through such relationships as with Mr. Brooks Minford of Berkshire Hathaway, Integrity has tapped into those Operators who wish to market their facilities on a contribution/tax deferral basis, and remain involved in the operations (or not), and make use of Integrity’s unique Business Plan.