Transactions - JUNE 25, 2015

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REIT to buy senior housing portfolio

by Andrea Waitrovich

New Senior Investment Group has agreed to acquire a 28-property portfolio of private-pay, independent-living senior housing properties from affiliates of Holiday Retirement for approximately $640 million. The company expects to invest approximately $190 million of equity and incur approximately $450 million of debt to acquire the portfolio.

The portfolio is 100 percent private pay and contains 3,298 independent-living units in Arkansas, California, Colorado, Georgia, Hawaii, Indiana, Florida, Kansas, Massachusetts, Michigan, Montana, Nevada, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Virginia and Wisconsin. The assets were sold for values between $9 million and $65.1 million, and had an average occupancy rate of 88 percent as of May 2015. The portfolio is currently operated by Holiday Retirement, which will continue after the closing of the acquisition.

Following the close of the transaction, New Senior Investment Grou

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