NEW YORK CITY—NorthStar Realty Finance Corp. and Griffin-American Healthcare REIT II have finalized their $4-billion merger, a deal which first reported in August. For locally based NRF, the acquisition brings the company’s owned real estate to approximately 80% of total assets, with $5.8 billion of that in the healthcare sector.

“The completion of this acquisition creates a best-in-class healthcare real estate portfolio with a high quality mix of diversified assets and stable, long-term cash flows,” says James Flaherty, who oversees NRF’s healthcare business. “Since we announced our agreement to acquire this portfolio, we have continued to see meaningful cap rate compression in the healthcare real estate sector, particularly for quality assets such as these.”

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