Mariner Health Care, Atlanta, said it has closed on the previously announced sale of 19 Florida nursing homes to an affiliate of Formation Capital, Atlanta, and Longwing Real Estate Ventures, New York, for $86 million. Mariner said it is continuing discussions on a 20th Florida nursing home with a potential joint venture partner. Net cash proceeds, after transaction costs and retirement of $11.4 million of facility-specific debt, were $52.5 million. Mariner said it used the proceeds to reduce its senior-term loan balance to $156.3 million. The company and its affiliates own and operate more than 270 skilled-nursing homes and assisted-living facilities as well as 12 long-term, acute-care hospitals in the U.S. -- by Julie Piotrowski
Mariner completes sale of 19 Fla. nursing homes
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