New Senior acquires 17 properties in $435M deal
The portfolio, which is 100 percent private-pay, consists of 2,082 units in 10 states. The portfolio will be operated by Holiday Retirement.
“We are excited to add to our portfolio this collection of high-quality independent living senior housing assets, which will further increase our private pay exposure,” New Senior CEO Susan Givens said in a statement. “With an average asset age of seven years and strong occupancy of 92.6 percent [in February], we expect continued strong growth from this portfolio.”
New Senior also completed a $670 million first mortgage loan transaction with Freddie Mac via Walker & Dunlop “to make progress toward improving our capital structure,” Givens said. It which was secured by 52 senior housing properties.
“The financing was executed at a very attractive rate and lowers the financing cost on our existing debt while also providing attractive financing terms for our new acquisitions,” she added.
New Senior owns 121 properties in 31 states and is managed by an affiliate of global investment management firm Fortress Investment Group.
Lois A. Bowers was senior editor of I Advance Senior Care / Long-Term Living from 2013-2015.
Topics: Executive Leadership , Housing