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May 06, 2015 10:40 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of NorthStar Healthcare Income, Inc.

Company Overview

NorthStar Healthcare Income, Inc is real estate investment trust launched by NorthStar Realty Finance Corp. The fund is managed by NorthStar Healthcare Income Advisor, LLC. It invests in the real estate markets of the United States. The fund seeks to originate, acquire and asset manage debt and equity investments in healthcare real estate. NorthStar Healthcare Income, Inc was formed in October 2010 and is domiciled in the United States.

,  

United States

Founded in 2010

Key Executives for NorthStar Healthcare Income, Inc.

Chief Executive Officer and President
Age: 46
Executive Chairman
Age: 44
Chief Financial Officer and Treasurer
Age: 50
Executive Vice President, General Counsel and Secretary
Age: 44
Chief Investment Officer
Age: 43
Compensation as of Fiscal Year 2014.

NorthStar Healthcare Income, Inc. Key Developments

NorthStar Healthcare Income, Inc. Announces Management Changes

On November 5, 2014, the board of directors of NorthStar Healthcare Income, Inc. appointed Ronald J. Jeanneault as chief executive officer and president of the company. prior to this appointment, Mr. Jeanneault served as the company's executive vice president and head of asset management since March 2012. Prior to joining the company, from June 1999 until January 2012, Mr. Jeanneault held numerous executive leadership roles with sunrise senior living, inc. and most recently served as senior vice president and co-head of operations. Concurrently with Mr. Jeanneault’s appointment, James F. Flaherty III was elected to serve as vice chairman of the board and no longer serves as the company's chief executive officer and president, effective on November 5, 2014. Mr. Flaherty will continue to provide investment and other services to the company as a member of the investment committees.

NorthStar Healthcare Income, Inc. Announces $45.0 Million Mezzanine Loan

On September 30, 2014, NorthStar Healthcare Income, Inc. announced that it invested in a $45.0 million mezzanine loan secured by a pledge of an ownership interest in a healthcare real estate portfolio comprised of 14 skilled nursing facilities and two assisted living facilities. The company funded the Loan with proceeds from its ongoing initial public offering. The Portfolio consists of more than 1,900 licensed beds located in nine states, with the great concentrations in Texas (28%), Pennsylvania (16%), Nevada (13%) and New Mexico (10%). The Portfolio is managed by affiliates of Sava Senior Care, the sixth large operator of skilled nursing facilities in the United States. Including the Loan, the company has completed two loan transactions with a combined principal amount of $120.0 million with affiliates of the borrower. The Loan bears interest at a floating rate of 10.0% over the one-month London Interbank Offered Rate. The initial term of the Loan is 24 months, with three one-year extension options available to the borrower, subject to the satisfaction of certain performance tests and the payment of a fee equal to 0.125% of the amount being extended for the second and third extension options. The Loan may be prepaid at any time, provided the borrower pays an amount equal to the remaining interest due on the amount prepaid through the initial term. The underlying loan agreement requires the borrower to comply with various financial and other covenants. In addition, the loan agreement contains customary events of default. The events of default are standard for agreements of this type and include, for example, payment and covenant breaches, insolvency of the borrower, the occurrence of an event of default relating to the collateral or a change in control of the borrower. The loan-to-value ratio (LTV Ratio") of the Loan is approximately 74%. The LTV Ratio is the aggregate amount loaned to the borrower, net of reserves funded and controlled by the lenders, if any, over the appraised value of the Portfolio at the time of origination. In addition to the Loan, the Portfolio is subject to a $60.0 million senior loan that ranks senior in priority to the Loan.

NorthStar Healthcare Closes Investment in a $75.0 Million Mezzanine Loan

NorthStar Healthcare Income Inc. announced that it closed an investment in a $75.0 million mezzanine loan made in connection with the $940.0 million financing of a national portfolio of 167 skilled nursing facilities. The portfolio consists of more than 20,000 licensed beds in 19 states, concentrated in Texas, North Carolina, Colorado and Maryland. Affiliates of Sava Senior Care manage the portfolio. The loan bears interest at a floating rate of 10.27% over the one-month LIBOR and has an initial term of 24 months, with three one-year extension options available to the borrower.

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