(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.