Sunrise Senior Living units secure loan extension, forbearance

By Caroline Salls

Pittsburgh, Oct. 7 - Sunrise Senior Living, Inc. subsidiaries Sunrise Pasadena CA Senior Living, LLC and Sunrise Pleasanton CA Senior Living, LP have entered into an extension and forbearance agreement with Wells Fargo Bank, NA in connection with a 2007 loan agreement, according to an 8-K filed with the Securities and Exchange Commission.

Specifically, Wells Fargo has agreed to extend the maturity date of the loan to Nov. 16 from Oct. 1 and not to enforce any of its rights related to financial covenant breaches until the earlier of the maturity date or the occurrence of any other default.

As of Oct. 1, there was roughly $22 million outstanding under the loan agreement.

Sunrise Senior Living is a McLean, Va.-based operator of senior living communities.

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