Locally based GMH has used $23.2 million of its $27.8 million innet proceeds to repay debt under its note facility with MerrillLynch. The remaining $4.6 million is being held in escrow for up to180 days pending GMH's completion of a 1031 exchange transaction. Acompany spokeswoman declined to elaborate on the nature of thatpending transaction.

The three properties are among five that SCI has agreed toacquire. The remaining two are expected to close by the end ofsecond quarter at an as-yet undisclosed price. Proceeds from thatsale will also be used to repay debt on the note facility or forgeneral working capital. GMH will continue to manage all fivecommunities.

The properties in this initial transaction are Campus Club, a924-bed, garden-style community in Gainesville, FL; UniversityGlades, a 432-bed property, also in Gainesville, FL, and UniversityEdge, a 552-bed, garden-style community in Hattiesburg, MS. Theadditional two properties are Seminole Suites, a 924-bed asset inTallahassee, FL, and University Crossing, a 700-bed community inManhattan, KS.