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Sunrise Completes $197M Sale of 12 Properties

MCLEAN, VA-Sunrise Assisted Living, Inc. closes the $197 million disposition of 12 of its senior residential facilities in six states. A long-term manage-back deal for Sunrise is included in the transaction.

By Barbra Murray | Updated on March 25, 2002

MCLEAN, VA-Senior residential homes provider Sunrise Assisted Living, Inc. has closed the sale and long-term manage back of 12 of its assisted living communities across six states in a deal valued at $197 million. Macquarie Capital Partners, LLC–a Chicago, IL-based real estate investment banking firm–served as advisor for the buyer, which is an unnamed international investment group.

Sunrise first revealed plans for this arrangement back in December. The deal leaves the company with a $133 million debt reduction plus additional proceeds. Sunrise hopes to use the additional funds, which amount to a pre-tax figure of $44 million, for the construction of additional centers specializing in the care of Alzheimer and memory impaired patients, and the repayment of debt. The company will maintain a 20% ownership stake in the properties, and will also continue to reap funds from its management duties.

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