Closeline Settlements Organizes $860 Million Settlement of 144 Healthcare Facilities

Rockville, MD, July 28, 2010 -- Closeline Settlements recently completed the second and third group of closings for three large transfers of healthcare facilities from CapitalSource to Omega Healthcare. Combined, these projects included 144 facilities and $860 million in cash, stock and debt exchanges between the two parties. One transaction involved 63 long term care facilities in 19 states and the final transaction involved 40 long term care facilities in Florida and Mississippi.

“These projects involved coordinating closings across 19 states, issuing full title policies; updating some policies; issuing policy endorsements and searching title multiple times to meet the various reschedulings involved with the party’s requirements and the HUD approvals,” said Michael Bell, Principal at Closeline Settlements. “When you coordinate property transactions across that many states and involving that many properties, you need a closing partner that is licensed in all states and has the scalability to close all the transactions simultaneously. Because of our resources, nationwide team and the latest online technology, we were able to meet every deadline and organize all aspects of the transactions without any issues.”

The 63-property deal had to be completed start to finish in a 30-40 day window. Because of Closeline’s commitment to the use of advanced technological systems, the company was able to complete all 63 transactions concurrently. This also involved coordinating 200 releases in 20 different jurisdictions including mortgage approvals, USC termination statements and the final transaction paperwork.

The other deal required 40 purchase transactions with HUD financing. Closeline coordinated all aspects of this deal across two states and closed the contract in late June. Closeline had only 10 days notice for the final transaction after the HUD approval was received in order to update the title searches and resolve all issues and issue the owner's title policies.

“Cross jurisdiction transactions can be extremely complicated. However, our system automatically double checks every transaction, allowing us to file all paperwork at the same time to make sure we adhere to strict deadlines. We realize that by developing advanced technological solutions in this industry, we are improving our in-house efficiency and clients can count on us to handle large transactions,” said Bell.

“Both of these transactions are a testament to our ability as a national title company to manage large projects even under tight timelines. As an organization, we continue to invest in becoming a trusted closing partner by improving our systems, expanding our network and continuing to deliver by the book title transactions,” said Bell.

About Closeline Settlements
Closeline Settlements was founded in 1993 by attorneys Michael P. Bell and Elliot M. Liss. Since that time, the national title company has grown into a multi state title agency that services 45 states. By utilizing proprietary technology, Closeline Settlements developed a web based platform which allows Closeline Settlements and its sister organizations to have a multi-state branch network around the country. Unlike the competition, quality of service is consistent in every office. Closeline’s proprietary and innovative products allow them to offer a full range of customized title and settlement services. For more information about Closeline Settlements and their services, please visit www.closeline.com or call 301-795-2880.
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Contact:
Meg Fullenkamp
Closeline Settlements
1300 Piccard Dr Suite L-105
Rockville, MD 20850
301-795-2880
closeline@captivamarketing.com
http://www.closeline.com