Capital Senior Living Corporation (NYSE:CSU) recently acquired its 100th and 101st communities in a $32.8 million transaction.
The communities are located in Missouri and Ohio and offer independent living, assisted living, and memory care. At time of sale, they had an average occupancy rate of 91%.
CSU is financing the acquisitions with about $24.6 million of 10-year fixed-rate debt that is non-recourse to the company, with a blended interest rate of 4.40%.
The acquisitions increase CSU’s annual revenue by about $9.2 million. The Dallas, Tex.-based company completed the acquisitions of 17 communities in 2012 for a total purchase price of $181.3 million.
Written by Alyssa Gerace