NEW YORK, NY-- NorthStar Realty Finance Corp. (NYSE:NRF) 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 sale is expected 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.
NorthStar Realty Finance Corp. is an internally managed REIT that primarily originates and invests in commercial real estate debt, real estate securities and net lease properties. For more information about NorthStar Realty Finance Corp., please visit http://www.nrfc.com/.
CONTACT: Investor Relations, Joseph Calabrese, for NorthStar Realty Finance Corp., +1-212-827-3772
Web Site: http://www.nrfc.com/
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