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American Retirement Corp. Sells Properties, Pays Down Debt

NASHVILLE, TN-The senior living and health care services provider completes a $171-million transaction with Health Care Property Investors and uses the funds to pay down debt by $158 million, including $52 million of high-interest mezzanine debt.

By Brian K. Miller | Updated on September 24, 2003

NASHVILLE, TN-Locally based American Retirement Corp. has consummated a $171-million transaction with Health Care Property Investors Inc. and used the proceeds to pay down debt.

The senior living and health care services provider sold four retirement centers to HCPI, leased back three of them and obtained a long-term management contract for the fourth. It also financed through HCPI land parcels adjoining two of the properties it sold to HCPI.

American Retirement acquired the centers, which contain 1,170 units, between 1992 and 1994. They were carried on the company’s balance sheet at approximately $73 million and were valued in the transaction at $163.5 million.

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