Healthcare real estate investment trust Ventas has provided $490m (€436m) in financing to subsidiaries of Colony Capital as part of a $1.5bn refinancing.
Colony Capital, together with its subsidiaries, has refinanced its existing $1.72bn consolidated healthcare loan maturing in December 2019.
Colony Capital said the collateral package for the new $1.5bn loan includes 158 US healthcare properties (189 buildings) consisting of medical office buildings, senior housing properties, skilled nursing facilities and hospitals, but excludes certain assets that were collateral for the previous loan.
The company’s ownership position in these properties is 70%.
Ventas chairman and CEO Debra A Cafaro, said: “For Ventas, our investment provides accretion and excellent risk-adjusted returns and, for Colony, the transaction represents an important milestone, enhancing its financial position with respect to its healthcare portfolio.”
Thomas J Barrack Jr, executive chairman and CEO of Colony Capital, said: “With the vast majority of our healthcare maturities addressed, we can dedicate our focus on operations and strategy to maximize value within our healthcare portfolio.”
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