Sunrise to sell 21 communities
- October 9, 2009
McLean-based Sunrise Senior Living has announced it will sell 21 senior living communities to BLC Acquisitions Inc. for $204 million.
Sunrise expects to receive about $60 million in proceeds, using part of the money to pay down its bank credit facility. BLC Acquisitions Inc. is an affiliate of Brookdale Senior Living of Nashville, Tenn. The deal is expected to close Nov. 16.
“This is another important step in our restructuring process and provides us with needed funds to pay down our bank line and with additional working capital,” Mark Ordan, Sunrise’s CEO said in a statement. “We are particularly pleased that our residents and team members in these communities will join a fine and committed operator like Brookdale.”
The company expects a $7 million impairment charge in the third quarter to write down five of the 21 communities to fair value.