Senior Housing Properties Trust (NYSE:SNH) is days away from closing on its acquisition of eight senior living rental communities operated by Vi as Classic Residence, formerly known as Classic Residence by Hyatt.
The company said it plans to pay approximately $379 million for the eight properties, including $132 million of assumed mortgage debt.
SNH originally agreed to purchase nine communities for $478 million, but one property will take a bit more time to close.
“We expect the purchase of the one remaining community in New York to be delayed into 2012 because of required regulatory and other third party approvals, including obtaining healthcare licensing approval from the state of New York,” said the company in a SEC filing.
The company plans to fund the acquisition using cash on hand and funds from its revolving credit facility, as well as by assuming approximately $164 million of mortgage debt.
Written by John Yedinak