Jon Northup quoted in "RIDEA paves the way for US-Canada REIT", IFLR
Excerpt from "RIDEA paves the way for US-Canada REIT", by Ryan Bolger:
RIDEA allows US Reits to own property and retain interest if the operating entity is held by a taxable Reit subsidiary and facilities are managed by an eligible independent contractor. Chartwell fit the bill for both requirements. Additionally, as it did not technically qualify as a Reit, it was able to operate facilities and generate rental income, unlike HCN.
Goodmans partner, and counsel to HCN, Jon Northup said one of the things Chartwell brought to the table was its ability to act as the independent manager of the facilities. “HCN could not complete this transaction entirely on its own,” he said.
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