NEW YORK — Care Investment Trust LLC, a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc. (NASDAQ: TIPT), has acquired six seniors housing communities for $54.48 million.
Concurrent with the acquisition, the company will master lease the properties to affiliates of Greenfield Senior Living, a privately-held owner and operator of seniors housing facilities in the Mid-Atlantic and South.
Senior Living Investment Brokerage represented the seller, The Hollinger Group, which is moving to exit the seniors housing industry.
The Hollinger Northeast Portfolio includes The Gardens at Cross Keys, Glassboro, N.J., built in 2000; Graysonview Harrisburg, Harrisburg, Pa., built in 1997; Allzwell Assisted Living, Chesapeake, Va., built in 1986; Autumn AL at Bel Air, Bel Air, Md., built in 2002; Autumn AL at Cockeysville, Cockeysville, Md., built in 1999; and Autumn AL at Hagerstown, Hagerstown, Md., built in 1999.
The total portfolio includes 301 assisted living units and average occupancy is 94 percent.
Pursuant to the lease, Care will provide Greenfield with $1 million to fund initial capital expenditures to enhance and reposition each of the properties. In connection with the acquisition, Care secured a $39.5 million, 10-year loan, which includes 18 months of interest-only payments. The initial funding amount was approximately $38.7 million and the remaining amount was held back at closing to reimburse the borrowers for a portion of the capital expenditures.