Canadian REIT purchases U.S. nursing homes for $100 million

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Retirement Residences Real Estate Investment Trust has agreed to pay nearly $100 million for seven nursing homes in New Jersey.

The Ontario, Canada-based REIT will acquire approximately 1,169 beds in the deal with Brandywine Senior Care Inc., of Mt. Laurel, NJ. The purchase involves long-term care facilities in New Jersey.

To complete the deal, Retirement REIT will assume mortgages worth about $62 million, arrange a new mortgage for about $11 million and pay the rest in cash. The purchase should be completed in the spring, according to a statement from Retirement REIT.