Senior HousingProperties Trust closed on a $620 million mortgage loan secured bytwo class A life-science buildings in Boston's Seaport District.
The 10-year loan will mature in August 2026. It isnonamortizing and carries a fixed interest rate of 3.53% per annum. MorganStanley and Citi provided the loan financing. Eastdil Secured acted as thecompany's adviser and Skadden Arps Meagher & Flom LLP provided legalcounsel
Senior Housing Properties intends to use the proceedsarising from the loan to partially repay outstanding borrowings under its $1billion unsecured revolving credit facility and for general business purposes.Following the repayment, roughly $900 million will be available under thecompany's unsecured revolving credit facility.
The company had paid $1.13 billion in May 2014 for the two15-story buildings, which are 96% leased to Vertex Pharmaceuticals Inc. through2028.