Welltower Obtains New $3B Revolving Credit Facility
Welltower Inc. (NYSE: WELL) entered into a new credit agreement consisting of a $3 billion unsecured revolving credit facility, a $500 million unsecured term credit facility, and a C$250 million unsecured term credit facility, according to a filing with the Securities and Exchange Commission Tuesday.
The Toledo, Ohio-based real estate investment trust (REIT) reached the new agreement with a consortium of 31 banks on July 19. The maturity date of the revolving credit facility is July 19, 2022, while the the maturity date for the USD Term Facility and CAD Term Facility is July 19, 2023, subject to certain conditions.
Absolut Care Gets Approval for $2M Renovation
Absolut Care, based in East Aurora, N.Y., received approval from the state’s Department of Health for $2 million in renovations at its Aurora Park nursing home, Buffalo Business First reported. Absolut is planning several renovations, including an expansion of the sub-acute unit and therapy gym at the 320-bed facility, according to the article.
Monticello Provides $40M Acquisition Financing for Ohio SNF Portfolio
Monticello Asset Management LLC provided $40 million in financing to Maui Sunset LLC for the purchase of a skilled nursing portfolio in Ohio.
Seniors Housing Business originally reported the transaction.
The portfolio includes 724 beds, 46 of which are specialized for memory care; the names and locations of the properties were not disclosed.
The financing is comprised of $36 million in first lien debt financing and a $4 million working capital loan.
Written by Maggie Flynn