Lone Star Refis Senior Housing Portfolio With $235M Note
The assets are located in two of the largest Sun Belt states.
An affiliate of Lone Star Funds has received a $235 million senior mortgage loan to refinance an 11-property, 1,564-unit portfolio of senior housing communities across Florida and Texas. Marathon Asset Management’s Commercial Real Estate platform originated the note.
Most of the assets sit in primary Florida markets including Tampa, Boca Raton, Sarasota and Naples. One property is in the Dallas-Fort Worth metro. The 11 properties include a mix of independent, assisted and memory care communities.
Lone Star originally purchased the portfolio in 2021 for $334 million. It was previously reported as the Discovery Village portfolio, which featured 10 communities across Florida, Texas and Georgia. Lone Star Real Estate Fund VI purchased the communities from Healthpeak Properties as the latter company exited the senior housing market. Discovery Senior Living currently handles operations across the properties.
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In the 2021 sale, two properties were listed as Discovery Village at Palm Beach Gardens and Veranda Club, according to the South Florida Business Journal. Since the acquisition, Lone Star has invested in the portfolio with capital upgrades. With this refinancing package, the owner believes the properties will continue to benefit from capital investments and growing senior housing demographics.
Joseph Griffen, partner at Marathon, worked with Lone Star to originate the loan. CBRE’s National Senior Housing team of Vice Chairman, Aron Will, Senior Vice President Matthew Kuronen and Vice President Michael Cregan arranged the financing.
Senior housing construction continues to lag
Senior housing continues to see strong demand that has outpaced supply. For the 18th consecutive quarter, the national occupancy rate increased by 120 basis points to 89.1 percent, according to NIC MAP data. In the last three months of 2025, 1,900 units were added to the market, marking the seventh time in the last nine quarters that deliveries were under 2,000 units.
In January, PGIM sold a 285-unit senior housing portfolio across two properties in Phoenix to KKR. The sale included the communities Acaya Mesa and The Watermark at Morrison Ranch, which KKR purchased for $112.3 million.
Also in January, Pinnacle Housing, a Miami-based developer, received $68 million in construction and equity financing for Caribbean Isles, a 142-unit affordable senior housing project taking shape in its home city.
