Before the closings, the locally based health care real estate investment trust owned a 9.8% interest in the entities that owned the four facilities, two of which are located in Texas, with the other two in Arizona and Colorado.
The properties were built between 1987 and 1989, contain a total of 1,170 units, with an occupancy level of 94% at the time of the closings. Three of the facilities are leased to American Retirement and the fourth, the Colorado facility, is leased to a third party that has contracted with American to manage the facility. The $7 million loan, which is secured by 27 acres of land adjacent to the two facilities in Texas, carries an interest rate of LIBOR plus 3%, and has a term of three years.
At the conclusion of the transaction, Health Care Property Investors will have increased its total investment with American Retirement Corp. to $300 million, which includes $209 million in owned and leased properties.
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