NEW YORK CITY — KeyBank Real Estate Capital has provided a $720 million refinancing to New Senior Investment Group (NYSE: SNR).
The loan, funded through Freddie Mac, features a seven-year term and an interest rate of LIBOR plus 232 basis points. The refinancing reduces the prior interest rate by approximately 170 basis points, saving SNR about $12 million per year.
Additionally, the refinancing improved the Company’s weighted average debt maturity from three years to over five years.
SNR is a New York-based seniors housing REIT. The company’s portfolio, which is largely independent living, features 133 properties totaling 15,856 beds in 27 states. The company is the eighth-largest owner of seniors housing properties in the United States, according to the American Seniors Housing Association.
SNR was a 2014 spin-off of Newcastle Investment Corp. At the time the parent company was a REIT, but later went on to focus on its entertainment and golf business under the name Drive Shack Inc.