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Monday, 15 November 2010

Senior Housing REIT to Pay $470Mln for Medical-Office Portfolio

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Senior Housing Properties Trust has struck a deal to pay CommonWealth REIT $470 million for 27 medical-office properties with 2.8 million square feet.

Senior Housing is a Newton, Mass., REIT that until 1999 was a subsidiary of CommonWealth REIT, which was formerly known as HRPT Properties Trust. As part of its spin-off from CommonWealth, Senior Housing received a right of first refusal to buy certain medical-office properties that its former parent decided to sell. The properties it has agreed to buy were subject to that right.

Both companies are managed by REIT Management & Research. As a result, the properties in the portfolio were appraised by an independent company and terms of the sales agreement were negotiated by special committees of each of the two companies' boards.

The 27 properties Senior Housing is buying are scattered among 12 states and are 95 percent leased. The largest property is comprised of two buildings with 331,000 sf, plus parking facilities with a capacity of 1,705 vehicles that are attached to Cedars Sinai Hospital in Los Angeles.

Senior Housing said the price it is paying represents an average capitalization rate of 9 percent. But it noted that the cap rate for certain properties is lower. It said it was paying for the properties with cash on its balance sheet and expected transactions to close by the middle of next year.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



Copyright © 2010 Commercial Real Estate Direct www.crenews.com

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Assisted Living/Health Care
  • Subject: Property Acquisitions (ACQ)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
  • Company: Simon Property Group
Read 408 times Last modified on Monday, 15 November 2010

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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