Aviv REIT enters into $180 million five-year senior secured term loan

By Tali Rackner

Norfolk, Va., Dec. 23 – Aviv REIT, Inc. entered into a credit agreement on Dec. 17 that provides for an initial $180 million senior secured term loan, according to an 8-K filing with the Securities and Exchange Commission.

General Electric Capital Corp. acted as administrative agent, lead arranger and bookrunner on the credit agreement that matures on Dec. 17, 2019.

Borrowings bear interest at Libor plus 350 basis points.

The term loan requires interest payments only for the first 24 months and payments thereafter amortize on a 30-year amortization schedule. No prepayment is allowed until Jan. 1, 2016, as amortization of 1% per annum for one year. After Jan. 1, 2017, the term loan may be prepaid without prepayment premium.

Proceeds were used to fund a portion of the purchase price for the acquisition of certain assets from Diamond Senior Living, LLC.

Aviv is a Chicago-based real estate investment trust specializing in post-acute and long-term care skilled nursing facilities.

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