Investor Relations

Investor
Relations

NorthStar Healthcare Acquires Senior Living Facility Located in Cheektowaga, New York

New York, NY (March 19, 2014) – NorthStar Healthcare Income, Inc. (NorthStar Healthcare) announced today that it completed the acquisition of a 100-unit assisted living and memory care facility located in Cheektowaga, New York for $12.5 million, plus closing costs. The acquisition represents NorthStar Healthcare’s latest transaction with Peregrine Senior Living (Peregrine), a strategic operating partner headquartered in Syracuse, New York.

The facility, which was constructed in 2004, will continue to be managed by an affiliate of Peregrine, which owns or manages 10 senior living facilities totaling 524 units in three states, including four properties totaling 218 units with a total cost of $36.5 million currently owned by NorthStar Healthcare.

As of February 28, 2014, the stabilized facility was 99% occupied. Peregrine will operate the property pursuant to a long-term operating lease that contains annual rent escalations equal to at least 2.5% per year.

As of March 19, 2014, NorthStar Healthcare’s portfolio consists of eleven investments with a total cost of $167.1 million, including nine equity investments totaling $141.2 million and two senior loans with a combined principal balance of $25.9 million.

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