NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has completed three financing transactions totaling $208.5 million to refinance the majority of the company’s near-term maturities and to partially fund recent acquisitions.
On March 31, Brookdale obtained $149.3 million of mortgage financing from Capital One, pursuant to a Freddie Mac capital markets execution. The refinancing took the form of 10-year, non-recourse, fixed-rate loans in the aggregate amount of $76.2 million and 10-year, non-recourse, variable-rate loans in the aggregate amount of $73.1 million, resulting in proceeds of $13 million.
“As a regular course of business, we are pleased to have refinanced the majority of our 2020 maturities at favorable rates,” says Steven Swain, Brookdale’s CFO. “With the completion of these three planned financing transactions, we have also improved our liquidity.”
Also in March, the company completed financings of $29.2 million with Berkadia Commercial Mortgage under the Fannie Mae DUS program and $30 million with BBVA USA. These transactions were secured primarily by communities acquired in the first quarter from National Health Investors Inc. and Healthpeak Properties Inc., respectively.
Based in Nashville, Brookdale is the largest operator of seniors housing in the United States.