Fortress Unit To Pay $1B For Senior Housing Portfolio

Law360, New York (November 19, 2013, 6:16 PM EST) -- A Fortress Investment Group LLC unit will purchase a portfolio of 52 senior housing properties for $1.01 billion from subsidiaries of Holiday Acquisition Holdings LLC, according to a Monday statement.

Newcastle Investment Corp. will pick up 5,885 senior housing units across 24 states in the deal and plans to also enter into two master leases with Holiday affiliates, according to a statement. Rent would be set at 6.5 percent of the purchase price.

The real estate investment trust intends to fund the transaction with a $300...
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