NEW YORK CITY-A subsidiary of Manhattan-based Newcastle Investment Corp. has purchased eight senior housing assets from Portland, OR-based BPM Senior Living, according to a statement from mortgage lender Oak Grove Capital, which originated an $88.4 million Fannie Mae DUS credit facility to finance the acquisition. The line of credit consists of a fixed-rate loan and a variable-rate loan that matures in seven years.

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

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