Berkadia originates $366 million financing

Working with both Fannie Mae and Freddie Mac, Berkadia arranged two loans totaling $366.7 million for Brookdale Senior Living to refinance 39 of its seniors housing properties in two separate portfolios. The first portfolio, including 21 properties with 1,924 units and an average occupancy of 91%, is made up of 5.7% IL, 15.9% MC and 78.4% AL units. It was refinanced with a $226.4 million, 10-year loan through Fannie Mae arranged by Managing Directors Heidi Brunet and Christopher Fenton of Berkadia. The loan come to $117,700 per unit. The pair also closed a $140.3 million (or $117,900 per unit), seven-year loan through Freddie Mac for a portfolio of 18 properties, which consists of 1,190 total units (22.9% MC and 77.1% AL) and an average occupancy of 88%. The two portfolios are located across 17 states, including California, Illinois, New York, North Carolina, Texas and Washington.