Care Investment Trust Inc. said Monday that it has formed a joint venture with an affiliate of Senior Management Concepts LLC to acquire four independent and assisted living facilities in Utah.
The total capitalization of the joint venture is $61 million. Care paid $6.8 million in exchange for 100 percent of the preferred equity interests and 10 percent of the common equity interests of the joint venture.
The transaction closed Dec. 31. Affiliates of Senior Management Concepts will lease the facilities from the joint venture for 15 years. Senior Management Concepts has operated three of the four facilities for four years.
The facilities contain a total of about 223 independent living units and 159 assisted living units.