September 5, 2017
Jones Lang LaSalle Multifamily, LLC provided Brentwood, TN-based Brookdale Senior Living Inc. $975 million to refinance $618.9 million of outstanding mortgage debt, including $389.9 million of debt which was scheduled to mature in 2018. The credit facility was made pursuant to Fannie Mae’s DUS Program.
Brookdale’s Lucinda M. Baier said, “We plan to repay our largest remaining outstanding 2018 maturity, our $316.3 million of convertible senior notes, using cash on hand. Our 2017 refinancing activities have improved our risk profile, by extending a majority of our 2018 maturities while increasing our liquidity and providing flexibility.”
The loans are secured by first mortgages on 51 communities. The facility includes certain “borrow-up” and substitution provisions, as well as flexibility for expansion of, and repositioning of services provided at, the mortgaged properties.
Brookdale operates independent living, assisted living, and dementia-care communities and continuing care retirement centers throughout the U.S.
For comments, questions or concerns, please contact Dennis Kaiser