While we’re not aware of any big transactions closing last week (perhaps a bit of a NIC hangover), we did read in Senior Housing News about an announcement by NorthStar Healthcare Income, Inc. of two significant transactions it completed back in September:
NorthStar acquired four senior living facilities located in the Long Island, New York are for $125 million. The portfolio consists of 570 units and 404,000 square feet – with an 89% occupancy rate. The properties will continue to be operated by Arcadia Management, Inc., who has operated them since 2005. Northstar closed the acquisition with cash.
NorthsStar also obtained a $45 million mezzanine loan, secured by its existing ownership interests in 16 properties (14 skilled nursing and 2 assisted living) located in nine states. This is NorthStar’s second mezzanine loan this year, having closed a $75 million mezzanine loan secured by its ownership in other properties earlier this year.