Brookdale execs say the company intends to fund the acquisition with approximately $136 million of senior mortgage debt, and the balance of the purchase price, $74 million, will be funded with cash. Following the closing, Brookdale may sell up to 50% of its investment to a third-party investor in exchange for increased management fees.
Since filing its IPO in November 2005, Brookdale has purchased or has committed to purchase $743 million in senior housing assets. If all transactions were to close, Brookdale would invest approximately $314 million in equity in these transactions, says company execs. The company will use its existing cash and a corporate acquisition line to fund the equity component of these acquisitions.
Brookdale Senior Living Inc. is an owner and operator of 381 senior living facilities in 31 states throughout the United States. AEW Capital Management provides real estate investment management services to investors worldwide.
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