Sunrise will purchase the 19 management contracts, the undeveloped parcels and a 20% interest in the 18 properties. A third party, an unnamed capital partner, will purchase 80% interest in the 18 communities in a joint venture with Sunrise.
The total purchase price for the senior living communities is $470 million; the capital partner will contribute $136 million, Sunrise will contribute $34 million, and the remaining costs will be covered by seller financing and new financing to be secured by the joint venture. Sunrise will pay the entire $29 million required to purchase the undeveloped parcels.
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