August 6, 2019 Comments Off on JLL Arranges $1.8B Recapitalization of New England Senior Living Portfolio Views: 457 Boston New England News, New England, Top Boston

JLL Arranges $1.8B Recapitalization of New England Senior Living Portfolio

JLL arranged a $1.8-billion recapitalization for the Benchmark Senior Living portfolio, a 4,137-unit portfolio consisting of 48 assisted-living properties in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.

Ted Flagg of JLL’s Capital Markets Healthcare division advised Welltower Inc. in the recapitalization of the portfolio, which Benchmark previously owned in partnership with Welltower. As part of the recapitalization, Welltower has fully exited the portfolio and is entitled to an additional $50 million earnout proceeds, subject to certain conditions. The transaction closed in July.

The portfolio had $24 million of secured debt that was extinguished at closing. As part of the recapitalization, Benchmark will invest significant capital into the assets to further improve the resident experience.

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