The sponsor recently originated the loan and sold the participation to NorthStar Healthcare at its cost basis. NorthStar Healthcare will purchase additional amounts of the loan, from time to time, as additional capital is raised, increasing the size of the participation until NorthStar Healthcare owns the entire loan.

The loan is secured by a 112-unit mixed independent living, assisted living and memory care facility located in Madera, California. The property is situated in the middle of a 40-acre upscale single family home and multi-use area and is also located three-miles from the Madera Community Hospital. The property is managed by an experienced operator who manages 47 properties, 33 of which are in California.

Daniel R. Gilbert, chief executive officer of NorthStar Healthcare remarked, “We are very pleased to announce our initial investment in an asset that is consistent with our targeted investment portfolio and our sponsor continues to generate an attractive pipeline of additional investments that will allow us to quickly invest the Company’s capital as it is raised.”