NorthStar Announces $95M Sale of Assisted Living P/F
- Jan 29, 2010
New York—NorthStar Realty Finance Corp. sold 18 assisted living facilities, containing approximately 1,300 beds, located in North Carolina to a private investor group for $95 million.
The sale is expected to generate approximately $36 million of cash proceeds to NorthStar after transaction costs and repayment of $56 million of mortgage debt and related accrued interest.
The sales price represents an approximate $11 million premium to NorthStar’s undepreciated cost basis and an approximate $17 million premium to NorthStar’s carrying value at Sept. 30, 2009, says the company.