Fannie Mae provides $512.9M mortgage to giant REIT

In one of the largest mortgages secured by seniors housing properties ever provided by Fannie Mae, Seniors Housing Properties Trust (NYSE: SNH) closed on a $512.9 million loan in early August.

The 10-year loan originated by Citibank is secured by first liens on 28 senior living properties in 16 states. Based in Newton, Mass., Seniors Housing Properties Trust owns 221 senior living communities totaling 25,840 units. The giant publicly traded REIT also owns two rehabilitation hospitals, 10 wellness centers and 40 medical office buildings.

Seniors Housing Properties Trust intends to use the proceeds of this mortgage financing to repay amounts outstanding under its revolving credit facility, fund investments, including possibly accelerating the previously announced pending purchases of certain medical office buildings from HRPT Properties Trust (NYSE: HRP), and for general business purposes.