Strategic Student & Senior Housing Trust, Inc. (STSR): M&A transaction — Strategic Student & Senior sells sole student housing asset for $72.25M; exits student housing segment

Strategic Student & Senior Housing Trust, Inc.

Sold Fayetteville, AR student housing property for $72.25M cash (purchased 2017 for $57M) to JV of Virtus (95%) and sponsor SAM affiliate (5%).
Net proceeds repay ~$34.5M mortgage on property and ~$25.4M KeyBank Bridge Loan; remainder for fees, expenses, and stockholder distributions.
Sale represents complete exit from student housing; company now only operates senior housing properties.
Pro forma Q1 2024 net loss from continuing ops improves to ~$1.875M from ~$2.565M historical; total debt reduced to ~$105.3M.
Buyer is a related party: SAM affiliate owns 5% of JV and manages the property.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Strategic Student & Senior Housing Trust, Inc. completed a disposition involving YOUnion at Fayetteville SPE, LLC for $72.25 million in cash, less closing costs (closed 2024-07-31).

Action: disposition
Counterparty: YOUnion at Fayetteville SPE, LLC
Consideration: $72.25 million in cash, less closing costs
Closing: 2024-07-31

Exact text from the filing

In addition, a SAM affiliate serves as the property manager of the Fayetteville Property on behalf of the Joint Venture. The sale price for the Fayetteville Property was $72.25 million in cash, less closing costs. The mortgage loan encumbering the Fayetteville Property of approximately $34.5 million was repaid in full at closing. The net proceeds from the sale

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Source: SEC EDGAR

accession 0000950170-24-089857

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