News
Senior Housing REIT Closes $620M Loan
July 21, 2016
Senior Housing Properties Trust just refinanced and closed on a new $620M mortgage for its two 15-story Class-A life science buildings in Boston.
The REIT bought the buildings a little over two years ago in a $1.1B deal, but now that interest rates are so low the firm decided to refinance. Its new 10-year loan has a 3.53% fixed interest rate and will mature in August 2026, Commercial Property Executive reports.
The firm says following the repayment it will have around $900M more available in credit. Loan financing for the deal was provided by Morgan Stanley and Citi. Eastdil Secured was SNH’s adviser. [CPE]
