Brookdale Lands $344M for Senior Housing Portfolio
The collection includes properties spread across 14 states.
Brookdale Senior Living has received $344.2 million to refinance a senior housing portfolio of 47 communities spread across 14 states under its master credit facility agreement. Proceeds paid off existing debt, a $312.5 million variable-rate loan due September 2027.
JLL originated the seven-year, fixed-rate note obtained through Fannie Mae’s DUS program. JLL Real Estate Capital LLC will service the loan that is interest only for the first two years.
Brookdale Senior Living‘s refinanced portfolio totals 5,102 independent, assisted and memory care units. The properties range between 32 and more than 300 residences.
Managing Director Allison Holland and Associate Alex Sheaffer led JLL’s Debt Advisory team that represented the borrower. The duo also recently arranged Freddie Mac financing for the private real estate investing arm of Morgan Stanley Investment Management, for the acquisition of a portfolio of eight senior housing properties. Situated across four states, the properties total 1,186 beds.
In another recent notable deal, JLL—alongside HJ Sims—secured $473 million in tax-exempt and taxable bond financing for The James in Irvine, Calif. This was the largest tax-exempt senior living financing of last year, as well as the largest non-profit, single-site senior living bond issue in history.
