Sunrise sells 21 facilities to Brookdale
Long-Term Living had an article about Sunrise Senior Living, Inc.'s $204 million sale transaction for 21 wholly owned assisted living communities, located in 11 states, with BLC Acquisitions, Inc., an affiliate of Brookdale Senior Living Inc.
At closing, Sunrise received approximately $60 million in net proceeds after payment or assumption of approximately $134 million of mortgage loans, the posting of required escrows, various prorations and adjustments, and payments of expenses by Sunrise. Sunrise will use $25 million of the proceeds to pay down its bank credit facility and will place $20 million into a collateral account for the benefit of other creditors. None of it will go into improving care at their other nursing home facilities. Sunrise expects to record a gain of approximately $50 million in connection with the closing of this transaction.
