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Five Star to Sell Six Senior Complexes for $104M
Five Star Senior Living Inc. struck a deal with Senior Housing Properties Trust to sell six of its senior housing complexes for an aggregate total of $104 million. The transaction is anticipated to close at the end of Q1 2018.
As part of the transaction, Senior Housing Properties will assume approximately $33.7 million of the mortgage debt, with Five Star Senior Living continuing to operate the properties. According to a statement from Five Star CEO Bruce Mackey, the sale will provide better access to capital, while reducing the company’s long-term mortgage debt balance.
Three of the assets are in Tennessee, with Alabama, Arizona and Indiana having one each. The portfolio totals 600 units, with a 91% occupancy rate. Each of the properties has the potential for future development, including independent living expansion at an age-restricted property that already offers assisted living and home care.
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