Ventas To Acquire Santerre Portfolio Through Cash Pay Support Of $486 Mln Mezzanine Loan

Ventas, Inc. (VTR) Friday announced that it intends to take ownership of the collateral that supports its approximately $486 million cash-pay mezzanine loan to Santerre Health Investors. Transaction will be finished in the second quarter of 2023.

Ventas will take ownership of the Santerre Portfolio through a 'loan to own' structure that converts the outstanding principal amount of the Santerre Mezzanine Loan to equity. As per the plan, it would not pay any additional consideration.

Santerre is within its forecasted guidance range for 2023, Ventas noted.

The Santerre Portfolio includes 88 medical office buildings with over 3 million square feet located in desirable markets across 18 U.S. states.

The Company expects to fund the repayment of the Santerre Senior Loan through a variety of capital sources and asset sales on a long-term basis.

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