BOSTON-Brentwood, TN-based American Retirement Corp will acquire eight senior-living communities for $138 million from an affiliate of Boston's Epoch Senior Living Inc. The deal is expected to close by Dec. 15.
The sale will give American Retirement two communities in Arizona and one each in Colorado, Georgia, Kansas, Minnesota, Nevada and Texas. Under the terms of the agreement, American Retirement, which has already made a $5-million deposit on the properties, agrees to assume certain operating expenses of Epoch SLVI Inc.
Funding for the deal will be provided by Merrill Lynch Capital under a five-year financing commitment. As part of that funding arrangement, American Retirement Corp. can draw up to $110 million. The firm also is evaluating opportunities to work with other joint venture partners. American Retirement currently operates 67 senior-living communities in 14 states, 18 of which were company-owned, 43 are leased, and six are managed for other companies.
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