Sabra obtains C$90 million five-year loan for real estate acquisition

By Wendy Van Sickle

Columbus, Ohio, June 9 – Sabra Health Care REIT, Inc. has obtained a C$90 million five-year term loan to help with the purchase of a nine-property senior housing portfolio, the company said in a Tuesday press release.

The new loan has a variable interest rate of the Canadian Dollar Offer Rate plus 200 to 260 basis points, depending on the company’s leverage ratio, according to the release. Sabra said the loan will help fund its C$170.5 million purchase of eight independent living facilities and an assisted living facility in British Columbia and Ontario, Canada.

The company said that based on current CDOR and its current consolidated leverage ratio, the interest rate under the term loan would be 3.09%.

The rest of the real estate purchase, which was agreed upon Monday, is to be funded by the assumption of an existing mortgage loan of about C$24.2 million with an annual interest rate of 3.74% and from Sabra’s revolving credit facility.

The health care real estate investment trust is based in Irvine, Calif.

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