Trilogy Health Services Fetches $1.1 Billion

by | Sep 21, 2015 8:58 am | Long-Term Care

Privately held Trilogy Health Services, the Louisville, Kentucky-based owner and operator of 96 long-term care facilities, was sold to a couple of REITs, Griffin-American Healthcare REIT III and NorthStar Healthcare Income Inc. for $1.1 billion. The joint venture between Griffin-American (which will own 70% of the JV) and NorthStar (30%) will effectively own 96.4% of Trilogy. The remaining 3.6%, or $24 million, will be owned by Trilogy management. The price includes the assumption of $205.1 million of debt. Trilogy operates 96 properties with more than 10,000 beds across four states (Indiana, Kentucky, Michigan and Ohio).Trilogy owns 53 of the facilities and the remainder are leased, some... Read More »

NorthStar Retires $640 Million to 15 CCRCs

by | Apr 20, 2015 4:03 pm | Long-Term Care

Fountains Senior Living Holdings LLC is selling 15 continuing care retirement communities (CCRCs) in 11 states. NorthStar Healthcare Income, Inc., a public, non-traded REIT, has plunked down $640 million for the portfolio, which consists of six entrance-fee and nine rental CCRCs, total 3,637 units. Watermark Retirement Communities will continue as the day-to-day operator of the CCRCs. The deal is expected to close around June 1, at which time NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group Inc., pursuant to a master net lease. The rental properties will be held under a RIDEA structure, with NorthStar owning 97% and Freshwater owning 3%. Read More »