Brookdale Announces Refinancing Transaction
Brookdale Senior Living Inc. (NYSE: BKD) recently announced that the Company has obtained a $117.0 million first mortgage loan from Berkadia Commerical Mortgage and Fannie Mae. The mortgage debt has a 10 year term and bears interest at a fixed rate of 5.98%. The Company simultaneously repaid $119.0 million of mortgage debt which was scheduled to mature in 2011. The new mortgage debt is secured by four previously unencumbered communities and 15 of 22 communities that previously served as collateral for the loans that were repaid.
Bill Sheriff, Brookdale’s CEO, commented, "We are pleased to have taken the first step of several to come to address all of the Company’s 2011 debt maturities and a portion of the Company’s 2012 maturities in the near term.
Health Care REIT Prices $150 Million Note Offering
Health Care REIT, Inc. (NYSE:HCN) announced this week the pricing of its offering of an additional $152,009,000 in aggregate principal amount of its 3.00% Convertible Senior Notes due 2029. The notes will have the same terms as and form a single series with the 3.00% Convertible Senior Notes due 2029 previously issued by Health Care REIT on March 15, 2010 and will be issued under the same CUSIP number. Following completion of this offering, the total aggregate principal amount outstanding of Health Care REIT’s 3.00% Convertible Senior Notes due 2029 will be $494,403,000. Health Care REIT intends to use the net proceeds from the offering to repurchase a portion of its 4.75% Convertible Senior Notes due 2026 and 2027. The offering is expected to close on June 18, 2010, subject to customary closing conditions.
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Toth Architecture Announces Engagement For Florida Renovation
James E. Toth, Architecture is pleased to announce that it has been engaged to design and is finalizing various project renovations and code upgrades for Bradenton Manor Retirement Center in Bradenton, Florida. The retirement center a property of Westminster Communities of Florida based on Orlando. The projects include new and upgraded essential power systems and new electrical emergency generator for the Skilled Nursing Facility and Campus currently under construction and regulated by the Office of Plans and Construction of the Agency for Healthcare Administration (AHCA) in Tallahassee. Façade Renovations, architectural upgrades and modernization along with hurricane and impact rated window replacements for the Mid Rise Assisted Living component of the facility are also being designed for construction this year. Other project phases will include new architectural features, hurricane window upgrades and interior renovations for the commons area building, new pool and pool deck, Porte Cochere renovations and a general campus face lift to the general architectural feel to an updated style respectful of the Spanish heritage of the Bradenton area, lacking in the original 1950’s and 1960’ era buildings.