Newton-based Senior Housing Properties Trust (SNH) is set to acquire 20 senior living communities in five southern states for approximately $304 million.
The communities are located in North Carolina (seven), South Carolina (five), Florida (four), Virginia (two) and Georgia (two). Fifteen of the 20 communities are expected to be leased to a taxable REIT subsidiary of SNH and managed by Newton-based Five Star Quality Care Inc. under a long-term management contract, according to a statement. The remaining five communities are also expected to be leased to Five Star and added to one or more of the combination leases currently in effect between SNH and Five Star.
The 2,111 living units in these communities include 814 independent living apartments, 939 assisted living suites, 311 suites which offer specialized Alzheimer’s care and 47 skilled nursing beds.
SNH is funding the purchase by assuming $79 million of mortgage loans and using cash on hand and drawings under its $550 million revolving credit facility, according to a statement.
