New Senior Investment Group completed the refinancing of a $720 million secured loan with Freddie Mac through KeyBank Real Estate Capital.

The seven-year loan will bear interest at the London interbank offered rate plus 232 basis points, reflecting an improvement of roughly 170 basis points, or $12 million annually, from the previous financing, the senior housing-focused real estate investment trust said.

New Senior's weighted average debt maturity now stands at more than five years, compared to three years before the refinancing.