Newest Large Transaction In Senior citizen Healthcare Sector Will Double Size of Irvine-Based Griffin-American
Irvine, CA-based Griffin-American Healthcare REIT III will finish a contract with joint endeavor partner NorthStar Healthcare Earnings, Inc. to get Louisville, KY-based senior living centers operator Trilogy Health Solutions LLC for $1.13 billion.
Under the contract, Griffin-American will own 70 % of the joint venture and will certainly work as its manager, while NorthStar will own 30 %. Trilogy founder and CEO Randy Bufford and other members of Trilogy’s management will maintain an investment of $24 million in Trilogy’s moms and dad Trilogy Investors LLC, and continue to manage the Trilogy assets on behalf of the joint venture.
Griffin-American Health care REIT III will almost double in size following the Trilogy acquisition to about $2 billion in real estate properties and related investments, stated Jeff Hanson, chairman, CEO and significant stockholder of Griffin-American, who called the deal “a transformational event.”
Founded in 1997, Trilogy now runs an overall of 96 properties absolutely more than 10,000 beds, with the majority of the centers constructed or remodelled in the previous 10 years. It’s the leading owner-operator of senior healthcare centers in the states of Indiana, Ohio, Michigan and Kentucky, with services consisting of aided living, memory care, independent living and knowledgeable nursing.
CS Capital Advisors LLC acted as financial advisor to Griffin-American and NorthStar. Paul, Weiss, Rifkind, Wharton & & Fort LLP served as lead legal advisors to the joint venture, while Morris, Manning & & Martin, LLP acted as legal advisors to Griffin-American.
Griffin-American Healthcare REIT III had actually generated a profile of health care possessions totaling 67 buildings and one collateralized financial obligation instrument for an aggregate purchase rate of around $1.03 billion since Aug. 15.