We saw a first for Freddie Mac, which closed its inaugural senior preferred equity loan for a seniors housing asset in Georgia. Newmark’s Healthcare & Alternative Real Estate Assets group secured the $109 million, 10-year senior loan from Freddie Mac, which featured five years of interest only, and arranged a $31 million preferred equity investment from Kayne Anderson Real Estate Debt.
Freddie Mac would likely only do this for a top-of-the-line community, which is what Corso Atlanta is. Built in 2021, the community features 82 independent living, 75 assisted living and 26 memory care units across a nine-acre campus. Galerie Living developed the community to mimic Parisian architecture. It features a bistro and creperie, a heated pool, floral shop, gift boutique, theater, full-service salon and multiple outdoor spaces. It was also recognized by Seniorly as one of the top-10 communities nationally in 2024, and the premier property in the Southeast as part of its annual Best of Senior Living Awards 2024.
We also imagine it was a strong performer with an above-average operating margin. Good for Galerie Living, and the refinance will provide funds for a 110-unit expansion on an adjacent parcel. Newmark Senior Managing Director Sarah Anderson, alongside President of Capital Markets for North America Chad Lavender, Vice Chairman Ryan Maconachy and Directors Mills Poynor and Ben McElroy handled the transaction.
