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Health Care REIT Invests $164M

NEWPORT BEACH, CA-Health Care Property Investors also announces a $7 million real estate loan in addition to its acquisition of continuing care complexes from American Retirement Corp.

By Bob Howard | Updated on September 26, 2003

NEWPORT BEACH, CA-Health Care Property Investors has closed on the acquisitions of four continuing care retirement communities from American Retirement Corp. for a total purchase price of $163.5 million and has closed a $7 million secured loan to American Retirement.

Before the closings, the locally based health care real estate investment trust owned a 9.8% interest in the entities that owned the four facilities, two of which are located in Texas, with the other two in Arizona and Colorado.

The properties were built between 1987 and 1989, contain a total of 1,170 units, with an occupancy level of 94% at the time of the closings. Three of the facilities are leased to American Retirement and the fourth, the Colorado facility, is leased to a third party that has contracted with American to manage the facility. The $7 million loan, which is secured by 27 acres of land adjacent to the two facilities in Texas, carries an interest rate of LIBOR plus 3%, and has a term of three years.

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