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Ventas Eyes Takeover of Santerre Health Portfolio via “Loan to Own” Structure
Chicago-based healthcare REIT Ventas, Inc. said Friday it intends to take ownership of the collateral that supports its approximately $486-million mezzanine loan to Santerre Health Investors. The loan is secured by equity interests in entities that collectively own a diverse pool of medical office buildings, senior housing operating portfolio communities, triple-net leased skilled nursing facilities and hospital assets nationwide.
The REIT expects to take ownership of the Santerre portfolio through a “loan to own” structure that converts the outstanding principal amount of the mezz Loan to equity, with no additional consideration being paid. It expects to finalize the transaction during the second quarter.
Included in the portfolio are 88 MOBs located across 18 states, 16 large-scale senior housing operating portfolio communities totaling approximately 1,900 units and 48 SNFs and hospital assets. Although the SNF/hospital assets were “materially challenged by the COVID-19 pandemic,” Ventas believes they have potential value upside.
- ◦Sale/Acquisition
