Diversified Healthcare Trust (DHC) said Monday it closed a $109 million 10-year fixed-rate mortgage financing through Freddie Mac.
The loan is secured by seven senior living communities comprising 1,184 units managed by Five Star Senior Living.
The loan carries a 6.22% fixed interest rate with interest-only payments during the first five years and matures on May 1, 2035, Diversified Healthcare said.
The company said it expects to close two additional term sheets for loan proceeds of about $94 million with different lenders by the end of May 2025.
Total proceeds from these financings, along with cash on hand, will be used to redeem the company's 9.75% senior notes due 2025, the company said.
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