New York City-based real estate investment trust (REIT) NorthStar Realty Finance (NRF) completed the sale of 18 assisted living facilities. NorthStar said the buyer, a private investor group, paid $95m in the transaction. Combined, the facilities contain approximately 1,300 beds. The facilities are all located in North Carolina. The sale is projected to generate approximately $36m in cash, along with $56m in mortgage debt and interest repayment. The deal is an $11m premium to Northstar’s undepreciated cost basis and an approximate $17m premium to NorthStar's carrying value at September 30, 2009. Northstar originates and invests in commercial real estate debt, real estate securities and net lease properties. Last week, the internally managed REIT increased its board to seven members and appointed Stephen Cummings as an independent director, according to a Securities and Exchange Commission filing. Cummings is a former Wachovia executive, most recently servicing as senior executive vice president and head of corporate and investment banking. Write to Austin Kilgore. The author held no relevant investments.