Brookdale Senior Living secures $327m in financing

Brookdale Senior Living secures $327m in financing

Published at: 2018-12-18 15:59 | Author: CIJ USA
Berkadia has secured $327m in fixed- and variable-rate financing for Brookdale Senior Living, the largest operator of senior living facilities in the US. The funding was originated through Freddie Mac’s new structured pool transaction program. The 10-year, non-recourse structured pool transaction features a fixed-rate loan component of $213m, a variable-rate loan component of $114m with a 30-year amortization schedule. The loan is backed by 28 senior housing facilities encompassing approximately 2,200 units.

“Brookdale places significant value in the ability to build flexibility into its capital structure, and we were very pleased to have been able to work with Berkadia and Freddie Mac to accomplish that on this transaction,” said George Hicks, Brookdale’s treasurer. “The Seniors Housing Structured Pool Transaction allows us to achieve interest rate risk diversification by placing most of the debt into a fixed rate while allowing for the ability to obtain partial releases that can be repaid out of the variable rate portion.”

Similar Stories:

Urban Investment, United NYA to build condo project in Washington, DC
Urban Investment Partners and United NYA secured a $35m construction loan for the developm  »
Capital Investment starts developing Allure on the Parkway apartments
Capital Investment Group broke ground on a new apartment complex in Orlando’s Lake Mary  »
Lightstone gets $113m in refinancing for 365 Bond Street
Goldman Sachs approved a $113m refinancing package for the Lightstone Group. The funding w  »
Beachwold Residential acquires Hibiscus Springs Rental Homes for $60m
Beachwold Residential acquired the 470-unit Hibiscus Springs Rental Homes in Spring Hill,  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »