The Freshwater Group, Inc., NorthStar Healthcare Income, Inc. and NorthStar Realty Finance Corp. entered to a purchase and sale agreement to acquire Harvard Square Facility from Harvard Square LLC and LDEV, LLC for $31.5 million.

The Freshwater Group, Inc., NorthStar Healthcare Income, Inc. and NorthStar Realty Finance Corp. (NYSE:NRF) entered to a purchase and sale agreement to acquire Harvard Square Facility from Harvard Square LLC and LDEV, LLC for $31.5 million on August 27, 2013. The transaction shall be funded the investment through a combination of proceeds from NorthStar Healthcare's ongoing initial public offering, a $21.5 million senior mortgage note payable and an equity contribution from Freshwater.

The acquisition remains subject to, among other things, the satisfaction of customary closing conditions and regulatory approvals. The transaction was approved by NorthStar Healthcare's Board of Directors. The transaction is expected to be completed on or before January 31, 2014.

Craig H. Shrontz of Perkins Coie, LLP acted as legal advisor to Harvard Square LLC and LDEV, LLC. Kevin Kinigstein of Cox, Castle & Nicholson LLP acted as legal advisor to Freshwater Group. Maurice Neri of First American Title Insurance Company acted as escrow agent for the transaction.