New Senior Investment Group Inc. paid off $125 million of mortgage debt using cash on hand and proceeds from a new revolving credit facility, collateralized against eight private-pay seniors housing facilities.
The new credit facility expires in December 2021, with a one-year extension option, and may be increased to $300 million from $125 million, subject to customary terms and conditions. The healthcare real estate investment trust's total refinancing activity in the fourth quarter stands at nearly $850 million after the credit facility, with about $14 million in annual interest expense savings.
KeyBanc Capital Markets Inc. arranged the facility. KeyBank NA is serving as the administrative agent.