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Article: Sunrise Enters Into Agreement to Sell 21-Community Portfolio for $204 Million.
- Article from:
- Real Estate Weekly News
- Article date:
- October 23, 2009
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Sunrise Senior Living, Inc. (NYSE:SRZ) announced that it has entered into an agreement to sell 21 wholly owned assisted living communities, located in 11 states, to BLC Acquisitions Inc., an affiliate of Brookdale Senior Living Inc. (NYSE:BKD), for $204 million. BLC Acquisitions has placed into escrow an earnest money deposit of $5 million toward the purchase price. The closing date is currently scheduled for November 16, 2009. At the closing of the sale, Sunrise is expected to receive approximately $60 million in proceeds after payment or assumption by BLC Acquisitions of certain mortgage loans, the posting of required escrows, and payment of expenses by Sunrise, but ...