Transactions & Financings: Sabra Closes $350M Debt Offering; SHN’s $58M Portfolio Sale

Sabra completes $350M debt offering

Sabra Health Care REIT (Nasdaq: SBRA) completed an underwritten public offering of $350 million worth of 3.9% senior notes due in 2029. The Irvine, California-based health care real estate investment trust filed a Form 8-K with the Securities and Exchange Commission on October 7, announcing the closing.

Proceeds will be used to redeem its outstanding 5.375% Senior Notes due 2023 and repay borrowings under Sabra’s credit revolver.

Senior Housing Properties Trust completes $58M portfolio sale

Senior Housing Properties Trust (Nasdaq: SNH) on Wednesday announced the sale of four properties for a total of $58 million. Three senior living communities in South Dakota were part of the transaction.

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The three properties — SunQuest Village and SunQuest Healthcare Center in Huron, and Southridge Healthcare Center in Sioux Falls — total a combined 361 units (322 skilled nursing beds and 55 assisted living beds) and sold for $10.5 million. A Senior Living Investment Brokerage (SLIB) team of Managing Director Jason Punzel, Principal and Managing Director Jeff Binder and Managing Director Ryan Saul was the sole broker in the sale. The buyer is a national group with a strong presence in South Dakota.

The other property was a 205,439-square foot medical office building in Bridgewater, New Jersey, for $47.5 million.

The dispositions are part of the Newton, Massachusetts-based health care real estate investment trust’s plan to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living (Nasdaq: FVE). SNH expects to use the proceeds from these sales to repay debt and for general business purposes.

SLIB brokers sale of Florida memory care community

Senior Living Investment Brokerage Principal and Managing Director Binder and Managing Director Bradley Clousing also facilitated the sale of a 60-unit, cottage-style memory care community in Naples, Florida. Each cottage features 12 units and includes a living room, dining room and kitchen.

Greystone provides $37M loan for Texas independent living community

Greystone Director Cary Tremper originated a 10-year, $37 million Fannie Mae refinancing package to refinance Watercrest at Shadow Creek Ranch, a 222-unit independent living facility in Pearland, Texas. Tremper originated the loan on behalf of Integrated Real Estate Group (IREG) and its affiliated operator, Integrated Senior Lifestyles (ISL).

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