NorthStar Realty Finance Corp. Announces Sale of a Portfolio of Assisted Living Facilities for $95 Million

NorthStar Realty Finance Corp. (NYSE: NRF) said it has completed the sale of 18 assisted living facilities containing approximately 1,300 beds located in North Carolina to a private investor group for $95 million.  The company said it expects the sale to generate approximately $36 million of cash proceeds to NorthStar after transaction costs and repayment of $56 million of mortgage debt and related accrued interest. The sales price represents an approximate $11 million premium to NorthStar’s undepreciated cost basis and an approximate $17 million premium to NorthStar’s carrying value at September 30, 2009.