Search
 

Senior Living Operators Plan $35M Buy-Out

DALLAS-Capital Senior Living plans to buy Hearthstone Senior Services' leases to 32 facilities in 10 states. The buy-out will keep Hearthstone and Carestone flags in place.

By Connie Gore | Updated on December 27, 2007

(Read more on the multifamily market.)

DALLAS-Packaging the largest buyout in its history, Capital Senior Living Corp. will acquire Hearthstone Senior Services LP in second quarter 2008. The $35-million deal delivers 32 facility leases for 2,200 seniors’ units in 10 states, four of which are new markets.

Dallas-based Capital Senior Living and Hearthstone jump-started talks in early 2007, roughly six months after the South Texas company sold its real estate for $431 million to Nationwide Health Properties Inc. of Newport Beach, CA. As part of the bricks-and-mortar sale, NHP pledged to fund future expansions, setting aside $15 million to expand the Woodlands-based Hearthstone’s existing facilities, and the exclusive right to acquire its next $300 million of development or acquisitions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.