NorthStar Healthcare Completes $29.7 Million in Senior Housing Acquisitions
New York, NY (November 12, 2013) – NorthStar Healthcare Income, Inc. (NorthStar Healthcare)announced today that it recently completed three transactions resulting in the acquisition of four senior housing facilities for an aggregate total cost of $29.7 million, consisting of the following assets:
- a 70-unit assisted living and memory care facility located in Leawood, Kansas and a 48-unit assisted living and memory care facility located in Spring Hill, Kansas—each operated by an affiliate of Advantage Health Group—for an aggregate total cost of $15.6 million;
- a 48-unit memory care facility operated by an affiliate of Peregrine Health Management Company, located in Clinton, Connecticut for a total cost of $11.0 million; and
- a 14-unit assisted living facility operated by an affiliate of Peregrine Health Management Company, located in Skaneateles, New York for a total cost of $3.1 million.
Daniel R. Gilbert, chief executive officer of NorthStar Healthcare commented, “We are pleased with the growth of NorthStar Healthcare’s portfolio and our ability to efficiently invest capital. We are committed to acquiring quality senior housing facilities and partnering with experienced operators, and these acquisitions demonstrate our strong presence in the senior housing market.” As of November 12, 2013, NorthStar Healthcare has invested in assets totaling $41.0 million, consisting of three equity investments totaling $29.7 million and one senior loan totaling $11.3 million.
About NorthStar Healthcare Income, Inc.
NorthStar Healthcare is a public, non-traded corporation that intends to qualify as a real estate investment trust (REIT). NorthStar Healthcare was formed to originate, acquire and asset manage a diversified portfolio of debt and equity investments in the healthcare real estate sector with a focus on the mid-acuity senior housing sector, which we define as assisted living, memory care, skilled nursing and independent living facilities that have an emphasis on private pay patients.