NorthStar Healthcare Closes $75.0 Million Mezzanine Loan
New York, NY (July 2, 2014) – NorthStar Healthcare Income, Inc. (NorthStar Healthcare) announced today that it closed an investment in a $75.0 million mezzanine loan made in connection with the $940.0 million financing of a national portfolio of 167 skilled nursing facilities.
The portfolio consists of more than 20,000 licensed beds in 19 states, concentrated in Texas, North Carolina, Colorado and Maryland. Affiliates of Sava Senior Care, the nation’s sixth largest operator of skilled nursing facilities, manage the portfolio.
The loan bears interest at a floating rate of 10.27% over the one-month London Interbank Offered Rate and has an initial term of 24 months, with three one-year extension options available to the borrower.
NorthStar Healthcare's portfolio consists of 14 investments with an aggregate total cost of $318.2 million, including 11 equity investments with an aggregate total cost of $217.6 million, two senior loans with an aggregate principal amount of $25.9 million and one mezzanine loan with a principal amount of $75.0 million, as of July 2, 2014.