Holiday Pays $165.5M For 6 Chartwell Assisted-Living Homes

Law360, New York (June 18, 2012, 3:26 PM EDT) -- Ontario-based Chartwell Seniors Housing Real Estate Investment Trust has agreed to sell six of its U.S. assisted-living facilities for about $165.5 million to a subsidiary of Holiday Retirement Corp. as it moves to unload assets outside of its core bases of Texas, Florida and Colorado, the company said Monday.

As part of the definitive agreement inked between the companies, Holiday unit Harvest Facility Holdings LP will assume $106.8 million in outstanding mortgages on the properties. Pending regulatory and lender approvals, the deal is expected to close...
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