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6/17/15
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Northstar Asset Management Group acquired The Fountains Portfolio, a 15-community national senior housing portfolio located across 11 states. The properties were sold by Fountains Senior Living Holdings LLC in a transaction valued at $640 mil.
The 3,804-bed senior housing portfolio includes a combination of independent living, assisted living, memory care and skilled nursing located throughout Arizona, California, Florida, Illinois, Missouri, Michigan, New York, North Carolina, Oklahoma, Virginia and Washington.
Lisa Widmier, Executive Vice President of CBRE’s National Senior Housing team represented the seller in the deal. Northstar has retained Watermark Retirement Communities as manager
CBRE Capital Markets’ Debt & Structured Finance team also secured a $410 mil loan for the acquisition of the portfolio. The seven-year, fixed-rate Freddie Mac loan includes interest-only payments for 39 months at an all-in-rate of 3.92 percent.
Aron Will of CBRE’s Houston, Texas, office, along with Mitchell Kiffe of CBRE’s McLean, Virginia, office, and Matthew Whitlock of CBRE’s Boston, Massachusetts, office, arranged the financing on behalf of NorthStar Healthcare Income and The Freshwater Group/Watermark Retirement Communities.
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