Senior Housing to draw on revolver for purchase of medical buildings

By Sara Rosenberg

New York, May 6 - Senior Housing Properties Trust plans to use borrowings under its revolving credit facility to help fund the acquisition of 48 medical office, clinic and biotech laboratory buildings from HRPT Properties Trust for $565 million, according to a news release.

Other acquisition financing will come from cash on hand and the assumption of three mortgage debts totaling $11 million, which encumber two properties.

On a more long-term basis, the company expects to eventually fund the purchases with a mix of capital determined based upon market conditions.

The purchases are scheduled to close in phases throughout the next 12 months.

Senior Housing is a Newton, Mass.-based real estate investment trust, which owns independent and assisted living communities, nursing homes, rehabilitation hospitals and wellness centers.

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