Brookdale Senior Living Obtains Near $1B Credit Facility

The portfolio is diverse, including properties nationwide and various care levels, as well as a small amount of skilled nursing.

moneyBrookdale Senior Living, the largest owner and operator of senior living communities in the U.S., has obtained a $975 million Fannie Mae credit facility for refinancing properties across 16 states. JLL managing directors Jessica Wolters and Allison Holland facilitated the deal.

The facility will refinance about $618.9 million in outstanding mortgage debt. That total includes about $389.9 million of debt that will reach maturity next year.

The portfolio

The portfolio is diverse, including properties nationwide and various care levels, as well as a small amount of skilled nursing. “This is by far the biggest loan Brookdale has closed,” said George Hicks, executive vice president at Brookdale.

Brookdale is reportedly in talks to sell some or even all of its assets, though the company has neither confirmed nor denied that. The company operated 1,039 communities as of the end of the second quarter.

“No decision has made to enter a transaction at this time, and we want to confirm that Brookdale will only enter into a transaction or transactions if we can do so under terms that our board concludes are in the best interest of the company and its shareholders,” said executive board chairman Dan Decker during the company’s Q2 earnings call in August.