LOS ANGELES – Subsidiaries of Senior Housing Realty Trust (SHRT) have received a $635.6-million Fannie Mae credit facility. The new credit facility refinanced a 12-property senior care community portfolio throughout California, Arizona, Oregon and Georgia. The new structure provides a 10-year, fixed-rate, interest-only loan with releases, additions and substitutions. It also has the capacity to expand with additional fixed or floating debt.
The facility was closed by Keybank Real Estate Capital. SHRT is a Maryland REIT that is owned by an affiliate of Senior Resource Group LLC (SRG). It received the new credit facility with its institutional partners.
The firm also led an $84-million syndicated credit facility secured by a senior housing community in Los Angeles in 2013 that was owned by a predecessor SRG joint venture. When SHRT acquired the senior housing community in late 2014, that credit facility was expanded to $86 million. The $86-million Keybank credit facility was then refinanced by this new Fannie Mae credit facility.