Health Care REIT forming $817 million partnership with Merrill Gardens

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A partnership valued at $817 million between Health Care REIT and Seattle-based Merrill Gardens will close in September if all goes well, officials say.

Merrill and Health Care REIT will own 38 senior housing and care communities in affluent West Coast markets under terms of the deal, according to a news release. Health Care REIT, which is headquartered in Toledo, OH, will own an 80% stake in the deal. Merrill will own the remaining 20% and be in charge of managing the facilities. Currently, Merrill owns 25 of the facilities (valued at $510 million), while the REIT owns the other 13 (worth $307 million).

The portfolio is 99% private pay, consisting of independent living, assisted living and dementia care. Transaction details, as well as an overview of the senior living communities' portfolio, are available at www.hcreit.com/merrillgardens.