Engel Pays $290M To Buy Back Senior Housing Portfolio

Law360, New York (May 24, 2012, 7:28 PM EDT) -- The Engel Burman Group, with the backing of Harrison Street Real Estate Capital LLC, has purchased back for $290 million a senior housing portfolio it sold five years ago to Chartwell Seniors Housing REIT and ING Real Estate Australia Pty., the companies announced Thursday.

As part of the buyback deal, the real estate company's joint venture HSRE-EB I LLC will take ownership of the Bristal Assisted Living portfolio for $290 million cash and the assumption of about $199.6 million in mortgage debt, according to Chartwell. With...
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