CBRE arranged two acquisition financings totaling $241 million across two seniors housing portfolios on behalf of Brookdale Senior Living. Aron Will and Matthew Kuronen arranged the two financings.
CBRE originated $130 million in loans through its Freddie Mac Optigo loan origination program for Brookdale’s acquisition of five communities comprised of 533 independent living, assisted living and memory care units across four states. The non-recourse mortgage financing has a ten-year term with five years of interest only.
CBRE sourced $161 million through a three-year floating rate loan from Ally Bank, an existing Brookdale lender, including a combination of new loan proceeds and the refinancing of an existing loan. The $161 million loan has an initial three-year term and two one-year extension options, exercisable subject to certain performance criteria, with a final maturity date, including extension options, of February 2030. The debt is secured by first priority mortgages on 36 communities. In conjunction with the closing of the new loan facility, Brookdale refinanced $51 million of existing Ally Bank debt and obtained an additional $110 million in new loan proceeds.
