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NorthStar to Acquire Ownership Interest in American Healthcare Investors

Paul, Weiss client NorthStar Asset Management Group Inc. (NSAM), the external advisor to Paul, Weiss client NorthStar Realty Finance Corp. (NorthStar), and certain of its affiliates, entered into a unit purchase agreement with American Healthcare Investors (AHI) to acquire an approximate 47 percent ownership interest in the business of AHI. AHI is a healthcare-focused real estate investment management firm and is the external advisor to Griffin-American Healthcare REIT II, Inc. and Griffin-American Healthcare REIT II Holdings, LP. (together, Griffin-American). NSAM's investment will be structured as a joint venture, with the principals of AHI owning approximately 48 percent, and James F. Flaherty III, one of NSAM's partners, owning approximately 5 percent, and is anticipated to close shortly following the closing of NorthStar's previously announced merger with Griffin-American. The new joint venture will provide NSAM and certain of its managed companies with asset management, property management and/or other services for the healthcare real estate assets acquired and owned by such companies, including the assets of Griffin-American. The joint venture also intends to directly or indirectly sponsor, co-sponsor, form, register, market, advise, manage and/or operate investment vehicles that are intended to invest primarily in healthcare real estate assets.

The Paul, Weiss team included corporate partners Bruce Gutenplan, Raphael Russo, Robert Schumer and Steven Williams and counsel David Harris; employee benefits partner Lawrence Witdorchic; real estate partner Salvatore Gogliormella; and tax partner Scott Sontag.

November 5, 2014

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