Representatives from NorthStar did not respond to a request to be interviewed. A spokesman for Inland said that he could not comment because Inland American is still in its capital raising period and is bound by strict SEC regulations. An SEC filing is not yet on file for the transaction from Inland American, which is sponsored by an affiliate of the Inland Real Estate Group of Cos. Inc.

The investment is expected to yield a dividend of 10.5%, according to a statement from NorthStar. Anytime after the first anniversary of the closing, Wakefield has the option to redeem the convertible preferred interests, subject to a call premium which declines over time. The equity may be converted into common equity in Wakefield anytime after the second anniversary of the closing, at Inland American's option, according to the statement. If Inland American chooses to convert the interests, it would have an estimated 42% common equity ownership interest in Wakefield. If Inland American converts the interests, it would also have the ability to contribute additional equity in Wakefield, according to the statement.

NorthStar also issued $80 million of convertible notes in May. "We are pleased to continue our healthcare real estate investment strategy in partnership with Chain Bridge Capital LLC and with new sponsorship from Inland American," NorthStar chairman and CEO David Hamamoto said in the statement. "This recapitalization provides us with the significant liquidity that we were seeking to achieve in a sale of Wakefield, as well as the opportunity to continue to participate along with our partners in the value creation opportunity that we see in the healthcare real estate sector." His company also provides financing for retail and hotel projects, such as Dallas-based Quanah Hospitality Partners LP developing up to 150 Value Place hotels in the Southeast and Southwest markets.