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Strong tenant demand has also caused rents to rise, with the overall average rent higher by 7.8% year-over-year, including 10 submarkets that record rent increases of more than 10% during that period.
The REIT has sold its stake in the Benchmark Senior Living portfolio for $1.8 billion and is also acquiring a handful of facilities including 6-building, 270,000 square foot medical office campus for $140 million from Summit Medical Group.
The financing package consisted of six new Freddie Mac Value Add Green Advantage loans, five loan assumptions from Fannie Mae and $40 million in equity over the entire portfolio.
Collete English-Dixon, executive director of Roosevelt University's Marshall Bennett Institute of Real Estate, takes a closer look at how being involved in other organizations outside of what you get paid for can be a strong enhancement to your day job.
Summit Hotel Properties has entered into a joint venture with GIC, Singapore's sovereign wealth fund, to acquire assets that align with the company's current investment strategy and criteria.