Upon closing, we borrowed $47.5 million for the new facility for two purposes. First, to help repay in full the $38 million bridge loan we had outstanding with senior living properties trust and second to purchase $12.4 million of our convertible senior notes. We purchased these notes at a 3% discount to par and will recognize this gain in the second quarter. We used approximately $3 million of our cash on hand as well.
Compared to last year, our asset pipeline has been relatively slow. As we haven’t seen many opportunities that fit our acquisition strategy which to remind you is focused on stabilized, well run, private pay senior living communities in areas where we have a geographic strength of operations. We will continue to be judicious in our approach to acquisitions and expect to see more opportunities throughout the rest of the year.
With that being said, we don’t have much new acquisition activity to report now. But let me briefly update you on where we stand in terms of previously announced activity. In February, we began to manage a 92-unit senior living community in Alabama which was disclosed on our last earnings call. In March, we began to manage a 252-unit senior living community in South Carolina, which is the last community we have left to manage as part of the large well senior living portfolio. We had two additional communities that we expect to manage during the year. The first, which we have previously disclosed is the last we [ph] senior living community out of the eight we are currently managing with 310 units located in New York that we expect to even begin managing during the second half of the year. The second is an 87-unit senior living community located in Missouri that we expect to begin to manage on behalf of senior housing by the end of the second quarter.
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