Brookdale Senior Living (NYSE: BKD) has completed the acquisition of seven communities from Chartwell Retirement Residences for $80.9 million. The communities, based in Alabama, Arizona, Georgia, Louisiana and Oklahoma comprise assisted living and memory care units.
The deal was first announced in May, 2013.
Brookdale has been managing each of the communities with the exception of the Alabama community since Brookdale acquired Horizon Bay in September 2011.
The transaction was financed with $60.8 million of first mortgage financing with the remainder paid from cash, the company reported in a filing with the Securities and Exchange Commission Wednesday.
Chartwell executives said previously the Ontario, Canada-based company is selling the portfolio of communities to focus on its core geographic regions in the U.S. including Florida, Texas and Colorado.
Written by Elizabeth Ecker