Brookdale Senior Living, a long-term care provider, and real estate investment trust HCP are partnering in a deal involving 14 entry fee continuing care retirement communities (CCRCs). Brookdale will continue to operate these properties and will own a slight majority of the venture (52 percent).
Brookdale currently has a $2.8 billion acquisition pending with Emeritus Senior Living Corp. When the deal is completed later this year, Brookdale will be the largest senior living company in the country.
Part of the new joint venture will be to amend the leases of more than 200 leases operated by Emeritus and owned by HCP.