MCLEAN, Va., Dec. 5 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today announced the receipt of approximately $8.3 million of proceeds resulting from the refinancing of the existing debt of one of its joint ventures.
As disclosed yesterday by Ventas, Inc., a venture owned 85 percent by Ventas and 15 percent by Sunrise closed eight first-mortgage loans with Freddie Mac, secured by eight senior housing communities managed by Sunrise, aggregating $126 million. Proceeds of the new $126 million Freddie Mac loan were used to repay in full $71 million of existing debt of the venture which was secured by the same eight assisted living communities and was scheduled to mature in mid-2009. The balance of the new loan proceeds was distributed pro-rata to Ventas and Sunrise, with Sunrise's portion totaling approximately $8.3 million.
"We are pleased that Freddie Mac recognized the strength of this portfolio of our core management product in this difficult economic environment," said Mark Ordan, Sunrise's chief executive officer.
On a preliminary basis, Sunrise expects to recognize approximately $8.3 million in equity in earnings as a result of this transaction in the fourth quarter.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately
40,000 people. As of September 30, 2008, Sunrise operated 448 communities in
the United States, Canada, Germany and the United Kingdom, with a combined
capacity for approximately 55,000 residents. At quarter end, Sunrise also had
34 communities under construction in these countries with a combined capacity
for 4,277 additional residents. Sunrise offers a full range of personalized
senior living services, including independent living, assisted living, care
for individuals with Alzheimer's and
|SOURCE Sunrise Senior Living, Inc.|
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