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NorthStar, Partners Close on Extendicare JV

By Tony Seruga

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Jeanneault’s company, NorthStar Healthcare, owns 36,67% of the JV.

NEW YORK CITY—NorthStar Healthcare Income and its two joint venture partners, Formation Capital LLC and Safanad Management Ltd., has closed on the acquisition of operator Extendicare International. The $1.1-billion deal includes a portfolio of 158 seniors housing and care facilities.

According to an SEC filing, NorthStar Healthcare indirectly owns 36.67% of the JV, FC Domino Acquisition LLC. Affiliates of Dubai-based Safanad own 46.66% and Formation affiliates own the remaining 16.67%. In the works since this past fall, the deal for Extendicare’s 152 skilled nursing facilities and six assisted living facilities includes the assumption of about $682 million in debt…

NorthStar, Partners Close on Extendicare JV

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