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CNL Buys Two American Retirement Assets

MIAMI--Orlando-based CNL Retirement Corp. pays $28 million or $108,527 per unit to one of the nation's largest providers of senior living and health care services. One of the properties is in Coconut Creek, FL, Broward County, 35 miles north of Downtown Miami.

By Alex Finkelstein | Updated on March 23, 2002

MIAMI-CNL Retirement Corp., a division of Orlando-based CNL Financial Group Inc., has completed a $28 million purchase-lease-back deal for two senior housing properties with Brentwood, TN-based American Retirement Corp., one of the nation’s largest providers of senior living and health care services.

The properties are the 80-unit, two-year-old Homewood Residences in Coconut Creek, FL, Broward County, 35 miles north of Downtown Miami, and the 178-unit, 13-story Holley Court Terrace in Chicago suburb Oak Park, Ill.

The purchase price equates to $108,527 per unit. American Retirement will continue to operate the two properties under a 15-year lease. The value of the lease wasn’t disclosed.

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