Senior Housing Properties Trust, Newton, Mass., has announced a commitment to a sale/leaseback transaction and a first-mortgage financing to provide $67.9 million to Alterra Healthcare Corp. to facilitate Alterra's reorganization plan.The trust said the $61 million sale/leaseback involves 18 properties in 10 states with 894 assisted-living units, with a 15-year term and renewal options for up to 30 years. The $6.9 million, 8% mortgage financing involves six properties in two states with 202 assisted-living units. It matures on June 30, 2004. Alterra filed for Chapter 11 bankruptcy protection Jan. 22. Senior Housing Properties, a real estate investment trust, can be found online at http://www.snhreit.com.
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