Senior Housing draws $509 million under revolver to fund acquisition

By Toni Weeks

San Luis Obispo, Calif., Jan. 29 – Senior Housing Properties Trust drew $509 million under its $750 million unsecured revolving credit facility due Jan. 15, 2018 to fund the roughly $539 million acquisition of 23 class A medical office buildings, according to an 8-K filing with the Securities and Exchange Commission.

The company also assumed about $30 million of mortgage debt principal on two of the properties to fund the acquisition.

According to the filing, the company intends to finance the acquisition, on a longer-term basis, with a mix of debt and equity capital, depending on the cost of the financings and future market conditions.

Senior Housing is a real estate investment trust based in Newton, Mass.

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