NorthStar Selling Manufactured Home Community Portfolio for $2.04B

TriStar Estates mhc

Following a story MHProNews posted May 11, 2016 regarding manufactured home community (MHC) owner NorthStar Realty Finance Corp., costar reports NorthStar is selling its portfolio of 135 manufactured home communities to a fund managed by Brookfield Asset Management Inc. for $2.04 billion, 33,010 home sites, the equivalent of $61,800 per site.

Brookfield is also assuming $1.27 billion of outstanding mortgage notes saddling the portfolio. The portfolio also includes manufactured homes as well as receivables for MH sold to residents. Brookfield has paid a non-refundable deposit of $50 million to seal the agreement, which should be finalized in the second half of 2016. The sale will net NorthStar $620 million.

In Q1 2016 NorthStar divested itself of a $900 million portfolio of senior housing assets, netting $150 million. Additionally, NorthStar is in various stages of negotiations to sell 10 multifamily properties, its health care real estate portfolio, and a portion of its medical office building portfolio. ##

(Photo credit: Tri-Star manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHPronews.

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