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TORONTO-Sunrise Senior Living Real Estate Investment Trust has closed on its acquisition of four senior living facilities in the US that it was already managing. The locally based public company says it paid $85 million (C$100 million) for facilities in the suburban markets of Boston, San Francisco and Washington, DC.
Two of the communities are located in suburban markets of Washington, DC, and one each in the suburbs of Boston and San Francisco. Sunrise says the investment reflects a capitalization rate of 7.8% on expected net operating income, but did not reveal the current cap rate based on existing net income.
The properties were acquired from an unrelated third-party investor whose name the company did not disclose. The acquisition was partially funded by new long-term first mortgage financing of $55 million (C$65 million) that has a seven-year term and bears interest at 6.04%.
Sunrise Senior Living REIT did not detail the location of the properties or their age, occupancy and previous performance. The company's CFO Lee McCreary was not immediately available Tuesday morning for comment.
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