AlerisLife (Formerly Known as Five Star Senior Living) Closes $95 Million Term Loan

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Jan 31, 2022

AlerisLife+%28Nasdaq%3A+ALR%29, formerly known as Five Star Senior Living, today announced that it has closed a $95 million senior secured term loan with Midcap Funding VIII Trust (“MidCap”), as administrative agent and lender, of which $63 million is currently outstanding. The remaining loan proceeds are subject to a $12 million capital improvements holdback and $20 million becomes available upon achieving certain financial thresholds by mid-2023. The maturity date of the new loan is January 27, 2025 and includes two, one year extensions at AlerisLife’s option, to extend the maturity date through January 27, 2026 and January 27, 2027, as applicable, subject to the achievement of certain financial thresholds.