NEW YORK CITY-A subsidiary of Manhattan-based NewcastleInvestment Corp. has purchased eight senior housing assetsfrom Portland, OR-based BPM Senior Living,according to a statement from mortgage lender Oak GroveCapital, which originated an $88.4 million Fannie Mae DUScredit facility to finance the acquisition. The line of creditconsists of a fixed-rate loan and a variable-rate loan that maturesin seven years.

The purchase price, totaling $143 million plus related expenses,was funded by a $55 million equity investment from the borrowers aswell as the Fannie Mae funds. “This was a very complicatedtransaction,” says Bill Kauffman, managingdirector of seniors housing at Oak Grove Capital, “but Oak Groveand Fannie Mae worked through the complexity and the borrowerreceived excellent terms in a flexible structure.”

The assets are located across California, Oregon, Utah, Arizonaand Idaho, however, a spokesperson for both Newcastle and Oak Grovedid not return a phone call to GlobeSt.com confirming the addressesof the assets in-time for deadline.