NEW YORK – NorthStar Realty Finance Corp. (NYSE: NRF) announced March 17 that it has agreed to acquire a $1.05 billion healthcare real estate (HRE) portfolio from investment partnerships owned and managed by Formation Capital LLC or its affiliates and Safanad Ltd.
The portfolio includes 43 primarily private-pay senior housing facilities and 37 skilled nursing facilities across 14 states, including about one-third of which are in Florida. The purchase price represents a capitalization (cap) rate of 9.4 percent, an initial unlevered yield of 7.8 percent and an initial levered current yield of about 12 percent, NorthStar says.
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