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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.

For comments, questions or concerns, please contact Multifamily Editor Amy Sorter


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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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