Capstone Village bond trustee to distribute facility sale proceeds

By Caroline Salls

Pittsburgh, Feb. 1 - Capstone Village, Inc.'s City of Tuscaloosa, Ala., residential care facility mortgage revenue bonds trustee hopes to distribute the net proceeds of Capstone's sale of its Capstone Village facility to bondholders by March 5, according to a notice released Monday.

Trustee Wells Fargo Bank, NA said the proceeds will be "substantially less than the amount needed to pay the bonds in full."

Capstone Village is selling the facility to the University of Alabama.

In connection with the sale, the trustee obtained confirmation from the probate court for Hennepin County, Minn., that it would be acting prudently as a fiduciary in releasing its leasehold interest on the facility.

The sale is scheduled to close on Feb. 28.

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