NEW YORK — New Senior Investment Group Inc. (NYSE: SNR) has completed the previously announced acquisition of 28 private pay, independent living properties from affiliates of Holiday Retirement for $640 million.
The portfolio contains 3,298 units located across 21 states and had an average occupancy rate of 89.8 percent as of July.
Holiday will continue to operate the properties under new property management agreements.
New Senior funded the acquisition was funded with cash on hand and proceeds from a fixed rate, 10-year first mortgage loan. Walker and Dunlop secured the $465 million Freddie Mac loan at a fixed interest rate of 4.25 percent.
Proceeds from the loan came in approximately $15 million higher than New Senior expected, so the company plans to pay down $15 million of existing floating rate debt on September 1.
Based in New York, New Senior is a REIT investing in senior housing properties across the United States. The company currently owns 152 properties in 37 states.