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HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES WINNING BID ON RTC PORTFOLIO OF PERFORMING NURSING HOME MORTGAGE LOANS

 NEWTON, Mass., April 16 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced that it has been notified that it was selected as the winning bidder for 25 mortgage loans offered by the Resolution Trust Corporation. The face value of the mortgage loans is approximately $78 million. The loans are secured by first mortgages on 25 nursing homes (3,552 beds total). All of the loans are performing.
 HRP's purchase price will be financed, in part, by a subsidiaries of Donaldson, Lufkin and Jenrette Securities Corporation. The yield which HRP expects to receive on its investment in this portfolio will depend upon the final financing structure and terms, but is expected to be between 11 percent and 14 percent per annum.
 The mortgage loans to be purchased by HRP are part of a portfolio of loans originated by TransOhio Federal Savings Bank. The loans mature between 1993 and 2001. Several of the nursing centers which secure the loans are operated by well capitalized public companies. The nursing homes are located in Ohio, Indiana, Pennsylvania, Florida, North Carolina, Tennessee, Nebraska and California.
 The proposed transaction is subject to various conditions, but it is expected to close before May 31, 1993.
 HRP is a real estate investment trust headquartered in Newton, Mass. which invests in health care related real estate. After the transaction announced today, HRP will have approximately $440 million invested in 86 health care facilities which are located in 20 states.
 -0- 4/16/93
 /CONTACT: Mark J. Finkelstein, president and David J, Hegarty, treasurer, 617-332-3990/
 (HRP)


CO: Health and Rehabilitation Properties ST: Massachusetts IN: SU:

CH -- NE012 -- 6855 04/16/93 15:03 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
Words:276
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