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Sunrise Senior Living Inc. Message Board

  • isce_ille_iste isce_ille_iste Oct 14, 2011 8:43 AM Flag

    SRZ Successful recap, great terms

    Sunrise Senior Living Completes Recapitalization of 7 Sunrise Purpose-Built Mansions Located in Major Markets
    Sunrise Enters into New Long-Term Management Agreement

    Press Release Source: Sunrise Senior Living, Inc. On Friday October 14, 2011, 8:27 am
    MCLEAN, Va., Oct. 14, 2011 /PRNewswire/ -- Sunrise Senior Living, Inc. (NYSE:SRZ - News) announced today that on October 12, 2011, the Company and its venture partner in a portfolio of seven communities completed the previously announced purchase and sale agreement, transferring ownership of the portfolio to a new joint venture, owned approximately 68% by CNL Income Partners, LP ("CNL Income Partners"), a subsidiary of CNL Lifestyle Properties, Inc. (“CNL Lifestyle Properties”), and approximately 32% by the Company.

    In connection with the transaction, the Company transferred its interest valued at approximately $16.8 million in the previous joint venture, and its pro rata share of the loan proceeds from the new debt financing totaling $120.0 million and CNL Lifestyle Properties contributed approximately $36.0 million and its pro rata share of the loan proceeds from the new debt financing to the new venture. See below for key transaction terms and statistics relating to the portfolio.