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Sunrise Seals Portfolio Deal With $222M Loan

McLEAN, VA-Sunrise Senior Living gets the 80% balance of 16 facilities from Arcapita Inc., making it possible is a $221.5-million loan.

By Erika Morphy | Updated on September 21, 2006

(To read more on the debt and equity markets, click here.)

McLEAN, VA-Arcapita Inc., an Atlanta-based firm formerly called Crescent Capital Investments Inc., has sold its 80% interest in a 16-asset portfolio in 12 states to Sunrise Senior Living REIT of Canada. Its US REIT, Sunrise Senior Living Investments Inc., remains the 20% stakeholder through a subsidiary.

In structuring the transaction, the Canadian REIT has set up its US subsidiary, SZR US Investments Inc., as the official majority owner. The portfolio consists of 327 independent-living units, 789 assisted-living units, and 279 Alzheimers units.

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