SOUTHWEST–New York-based Newcastle InvestmentCorp. has purchased six senior housing communitiesthroughout Texas. The purchase price totaled $186 million,excluding transaction costs.
While the exact properties and sellers were not disclosed, thispurchase of the rental continuing care retirement communities willadd 1,265 beds to Newcastle's portfolio.
Simultaneous to this purchase, Newcastle and LifecareCos. have entered into a triple-net master leaseagreement. The lease has an initial 15-year term with two 5-yearrenewal options.
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