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CNL Healthcare Properties II to review possible strategic alternatives

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CNL Healthcare Properties II to review possible strategic alternatives

CNL Healthcare Properties II Inc.'s board formed a special committee comprising its independent directors to review strategic alternatives for the company, including a potential merger.

The nontraded healthcare real estate investment trust said board member Douglas Benham will chair the special committee.

CNL Healthcare CEO and President Stephen Mauldin cited the "challenged" environment for broker/dealers and nontraded REIT formats, among other things, in a release announcing the decision.

The company's board also approved the closure of its ongoing best-efforts offering of up to $2.00 billion of its class A, class T and class I common shares as of Oct. 1. The company does not plan to conduct a follow-on offering.

Following the payment of monthly distributions for July, August and September on Sept. 10, CNL Healthcare Properties II said there will be no further stock distributions. The company also suspended its distribution reinvestment plan and stock redemption plan, effective Oct. 1.

The company also said it closed its approximately $24.3 million purchase of a 92-unit class-A seniors housing community in Riverview, Fla., from The Crossings At Riverview LLC and SSL Riverview LLC.