Brookdale Acquires Remaining Interests in Properties for $102M
- Jan 29, 2010
Nashville—Brookdale Senior Living Inc. completed the acquisition of three retirement center communities that it previously managed. The aggregate purchase price for the communities was $102 million. Brookdale had previously owned a minority, though non-financial, interest in the communities.
The purchase was financed by a $75.4 million mortgage loan from Fannie Mae, with the balance of the purchase price paid from cash on hand. The mortgage debt has a 10-year term and bears interest at a fixed rate of 6.1 percent.
The portfolio is comprised of 642 total units, including 506 independent living units and 136 assisted living units. For the nine months ended Sept. 30, 2009, the three communities generated total revenues of about $18.1 million. The average unit occupancy for the third quarter of 2009 was approximately 92.1 percent for the portfolio.