Jul
20
SNH Closes Major Mortgage Refi in Boston
BySenior Housing Properties Trust has closed on a $620 million mortgage loan on its life science campus in the Seaport District.
Vertex Pharmaceuticals headquarters, Boston
Boston—More than two years after Senior Housing Properties Trust purchased two 15-story Class A life science buildings in Boston’s Seaport District for $1.1 billion, the REIT has refinanced the Fan Pier property and closed on a new $620 million mortgage.
The 10-year loan has a fixed interest rate of 3.53 percent and will mature in August 2026. SNH, based in Newton, Mass., said it expects to use the proceeds of the new mortgage to repay a portion of the outstanding loan. Following the repayment, the REIT said it will have about $900 million available under its unsecured revolving credit facility…
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