DEAL OF THE DAY: Care Investment Acquires 12 Senior Housing Properties for $100.8M

By Anuradha Kher, Online News EditorIll., Ind., Iowa, Neb.–Care Investment Trust Inc. recently acquired a portfolio of 12 senior housing facilities from affiliates of Eby Realty Group LLC for $100.8 million. An affiliate of Bickford Senior Living Group LLC master leased the facilities from Care YBE for 15 years with four 10-year renewal options. Each facility has been subleased to the original seller/operator of the facility.The portfolio, developed and managed by Bickford, contains 569 units and is located in Illinois (five facilities), Indiana (one facility), Iowa (five facilities) and Nebraska (one facility). The properties were all constructed in the last 11 years, with six of the facilities built in the last five years. The portfolio has an aggregate occupancy level in excess of 90 percent over the last two years.Care funded the investment through cash on hand and approximately $74.6 million of mortgage financing from Fannie Mae. These mortgages will mature in seven years, are interest-only for the first year, and carry a fixed annual interest rate of 6.845 percent. Red Mortgage Capital Inc. arranged the financing with Fannie Mae.