Ventas Completes Sale of Four Seniors Housing
Ventas Inc. (NYSE: VTR) recently closed on the sale of four seniors housing properties to affiliates of Benchmark Assisted Living for $58.7 million. The assets are located in Massachusetts and include 403 units.
Ventas expects to record a gain of approximately $11 million on the sale. The purchase price represents an 8.5% capitalization rate.
The sale was made pursuant to a purchase option that Benchmark held, which was in place prior to Ventas acquiring the assets. Prior to the sale, Benchmark was the tenant in these four seniors housing properties.
“Ventas continues to generate additional liquidity in this difficult capital market environment,” says Debra Cafaro, Ventas chairman, president and CEO. “We continue to enhance Ventas’
Net cash proceeds to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
Love Funding Closes $11.4 Million Refinancing Loan for Nine Assisted Living Facilities
Love Funding recently closed an $11.4 million refinancing loan for nine assisted living facilities located throughout the Boise, Idaho area. Terms of the
Chad Ricks, first vice president of the national mortgage-banking firm’s
Keybank Closes $29 Million Loan for Three Oakdale Heights Properties
KeyBank Real Estate Capital recently closed a $29 million Fannie Mae loan for three seniors housing properties across the country for Pacifica Cos. KeyBank provided financing for three Oakdale Heights seniors housing properties: $10.7 million for a 78-unit property in Bakersfield, Calif.; $9.3 million for an 86-unit property in Virginia Beach, Va.; and $9 million for an 87-unit property in Wilmington, N.C.
KeyBank annually finances $20 billion in commercial real estate loans.