Health Care REIT, Inc. is expanding a long-standing relationship with a best-in-class senior living operator, Merrill Gardens, LLC, through the formation of an $817 million partnership. The partnership will own and operate a portfolio of 38 combination senior housing and care communities located primarily in desirable West Coast markets. Health Care REIT will own an 80% interest; Merrill Gardens will own the remaining 20% interest and continue to manage all of the communities.
The two partners share a strong relationship, a vision for innovative senior housing and care, and a solid capital plan that translates opportunity into profitable growth. The transaction will take advantage of the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (RIDEA).
To hear statements from executives at Health Care REIT and Merrill Gardens, click on the videos at right.
For more details on the partnership and background information on both companies, click on the resources below.
Company Contacts:
Scott Estes
Executive Vice President & Chief Financial Officer
419-247-2800
sestes@hcreit.com
Mike Crabtree
Senior Vice President & Treasurer
419-247-2800
mcrabtree@hcreit.com