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Stock impact report

Diversified Healthcare Trust Closes $140 Million Mortgage Financing Secured by 14 SHOP Properties

Diversified Healthcare Trust - Common Shares of Beneficial Interest (DHC) 
Company Research Source: Business Wire
Expects to Close $200 Million of Additional Secured Financings in the Next 45 Days NEWTON, Mass.--(BUSINESS WIRE)--Diversified Healthcare Trust (Nasdaq: DHC) today announced that it closed a $140 million mortgage financing secured by 14 senior living communities located in nine states and consisting of 1,375 units that are managed by Five Star Senior Living, an operating division of AlerisLife Inc. This non-recourse, three-year loan has an initial maturity date of March 31, 2028, and two one-year extension options, subject to certain conditions. DHC intends to use the loan proceeds to redeem a portion of its outstanding 9.750% senior notes due 2025.The loan has a variable interest rate based on Secured Overnight Financing Rate, or SOFR, plus a margin of 2.50% per annum with 24 months of interest-only payments and two six-month extension options of the interest only period, subject to certain conditions. In connection with this financing, DHC purchased a one-year interest rate cap w Show less Read more
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