From Earlier: Sunrise Senior Living Announces New Mortgage Financing for Assisted Living Section of Fox Hill Senior Living Community

Sunrise Senior Living, Inc.

announced today that its Fox Hill assisted living venture has refinanced the existing mortgage financing on the assisted living section of the Fox Hill senior living community located in Bethesda, Maryland with new mortgage financing provided by Eagle Bank. The new loan has a principal amount of $26.0 million, a floor interest rate of 5.5 percent, and a term of three years. As a result of the refinancing, Sunrise has been released from its obligation to the prior mortgage lender to fund operating deficits. In connection with the refinancing, Sunrise funded approximately $6 million on behalf of the venture, leading to a modification of joint venture terms. Return of Sunrise's new funding will have priority over existing equity and the venture partner's total return will be capped at its capital contribution of $6.5 million.