NorthStar Realty Finance To Buy $1.05 Bln Healthcare Real Estate Portfolio

(RTTNews) - NorthStar Realty Finance Corp. (NRF) announced that it agreed to acquire a $1.05 billion healthcare real estate portfolio from investment partnerships owned and managed by Formation Capital, LLC or its affiliated entities and Safanad Limited.

The Portfolio is comprised of 43 primarily private-pay senior housing facilities and 37 skilled nursing facilities. Inclusive of this portfolio, NorthStar has an approximately $1.6 billion healthcare real estate portfolio consisting of over 160 properties.

NorthStar is acquiring the Portfolio in a joint venture with Formation. Formation is a private investment firm focused on senior care real estate and services and post-acute healthcare. NorthStar and its affiliates will contribute approximately 92% of the $430 million of equity to purchase the Portfolio and the Joint Venture will assume in-place financing for the remainder of the purchase price.