SNH Acquires 20 Properties For $304M
Massachusetts-based Senior Housing Properties Trust has signed a deal to buy 20 senior living communities for about $304 million.
Massachusetts-based Senior Housing Properties Trust (SNH) has signed a deal to buy 20 senior living communities for about $304 million. The deal, which is expected to close during the second quarter of 2011, is subject to regulatory and lender approvals for assumption of mortgage debts on certain properties. The communities, located in North Carolina, South Carolina, Florida, Virginia and Georgia, primarily offer independent and assisted living services that are paid by residents from their private resources. SNH may fund the deal by assuming nearly $79 million of mortgage loans and using cash on hand and drawings under its $550 million revolving credit facility.
Click here for the release from Business Wire.