Redwood Capital gets Erickson assets for $365M cash at auction

12/24/2009 | Wall Street Journal, The

Redwood Capital topped formidable rivals, including a group led by Kohlberg Kravis Roberts, to become the winning bidder for the assets of Erickson Retirement Communities. Redwood agreed to pay $365 million in cash, a much higher figure than most industry experts anticipated. The deal may be an early sign that the senior citizen housing market is rebounding.

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