Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP and REDICO to fund the refinance of The American House Florida Portfolio. Marathon’s Joseph Griffin originated the senior acquisition loan. Aron Will and Adam Mincberg of CBRE arranged the financing, marking CBRE’s second financing of this portfolio within a three-year time span.
The portfolio comprises six purpose-built seniors housing communities with 817 units (409 independent living, 306 assisted living and 102 memory care). Five were built between 2015 and 2018 in strong Florida markets.
REDICO has been invested in the portfolio for almost a decade and developed four of the communities from the ground up. In 2017, it expanded the portfolio by acquiring two additional communities. In 2021, Monarch acquired the portfolio through a recapitalization event. REDICO remained as both a joint venture equity owner and manager through its affiliate, American House Senior Living Communities.
