CapitalSource sells 37 nursing homes for $100M

AP News
Posted: Dec 01, 2009 11:39 AM

CapitalSource Inc. on Tuesday said it completed the sale of 37 skilled nursing homes, the final step of a wider sale of its net lease portfolio.

The commercial lender said the $100 million sale marks its exit from the nursing home ownership business. It will continue to provide financing for the industry.

The proceeds will be used in part to repay $55 million in debt associated with the nursing homes.

The company expects to generate a total of about $495 million from asset sales when all its deals are closed, including $331 million from a recently announced sale of 143 facilities to Omega Healthcare Investors Inc.

In midday trading, CapitalSource shares added 12 cents to $3.79.