Health Care REIT starts new leasing agreement
Toledo-based real estate trust Health Care REIT, Inc. said Thursday that it has entered into a leasing agreement with Emeritus Senior Living on a portfolio of 38 high-quality senior housing communities that are currently owned in an 80-20 joint venture between Health Care REIT and Merrill Gardens.
The real estate trust will acquire Merrill Gardens’ 20 percent equity interest in the joint venture for $173 million, which includes mortgage debt of $82 million.
The transaction is expected to close in the third quarter upon receipt of regulatory and lender consents.
“This transaction reflects the flexibility of our business model and the power of our relationship investing platform,” said George L. Chapman, Chairman and CEO of Health Care REIT. “We are excited to grow our longtime relationship with Emeritus. Their strong existing footprint in the markets where this portfolio is located will allow for a seamless transition and value creation over the long-term.”