Newton-based Senior Housing Properties Trust has agreed to acquire 38 senior living communities across the U.S. from CNL Lifestyle Properties Inc. of Orlando, Fla. for $790 million.

The communities contain a total of 3,466 living units and were approximately 93percent occupied as of November, SHPT said.

The capitalization rate of the properties is estimated at over 7 percent annually. The transaction is expected to close during the second quarter of 2015.

SHPT will assume approximately $153 million of mortgage debt on some of the properties at an average interest rate of 4.8 percent annually. It will fund the acquisition partially with a $700-million bridge loan from Wells Fargo Bank and Citigroup Global Markets Inc. The long-term financing will come from a mix of equity and debt capital, SHPT said.

SHPT Buys 38 Properties For $790M

by Banker & Tradesman time to read: <1 min
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