Brookdale Senior Living Lands $111M Freddie Mac Loan

Arranged by KeyBank Real Estate Capital, the financing is secured by a 14-property portfolio across the country totaling 1,100 assisted living and memory care units.

Brookdale Senior Living has obtained a $111.1 million Freddie Mac loan secured by a portfolio of 14 senior housing properties totaling 1,100 units. The portfolio is located across Arizona, Florida, Massachusetts, Maryland, Mississippi, New York, Oregon, Texas, Virginia and Washington and comprises 1,008 assisted living units along with 92 memory care units.

KeyBank Real Estate Capital secured the financing in two tranches, which was used to refinance existing debt. Monique Bimler of the firm’s Commercial Mortgage Group arranged the first mortgage financing. The 10-year split payment master note comes with a 5-year interest-only period, including 40 percent floating rate and 60 percent fixed rate, followed by a 30-year amortization schedule.

Brookdale, the largest owner and operator of senior living in the U.S., has a total portfolio of roughly 900 communities across 45 states. The NYSE-listed firm received $327 million in fixed and variable rate financing in December of last year. The loan, originated through Freddie Mac’s new Structured Pool Transaction program, was used to refinance 28 senior housing properties with a total of around 2,200 units.