Diversified Healthcare Trust Closes $120 Million Mortgage Loan
Diversified Healthcare Trust (Nasdaq: DHC) today announced that it closed a $120 million mortgage loan secured by eight properties within DHC’s Medical Office and Life Science Portfolio, located in seven states and consisting of approximately 725,000 square feet.
- Diversified Healthcare Trust (Nasdaq: DHC) today announced that it closed a $120 million mortgage loan secured by eight properties within DHC’s Medical Office and Life Science Portfolio, located in seven states and consisting of approximately 725,000 square feet.
- The non-recourse loan has an implied capitalization rate of 7.2% based on the aggregate appraised value for the collateral properties and a loan to value ratio of approximately 50%.
- The loan is an interest only 10-year mortgage with a 6.864% all-in fixed interest rate.
- DHC intends to use approximately 50% of the loan proceeds to redeem a portion of its outstanding 9.750% senior notes due 2025.