CBRE Arranges $160.3M Refinancing for Brookdale Portfolio

BRENTWOOD, Tenn. — CBRE has arranged $160.3 million in financing for Brookdale, which will restructure debt on a five-property, 945-unit portfolio in Alabama, Michigan, Pennsylvania and Texas.

The financing is structured as a 10-year Fannie Mae credit facility, featuring five years of interest-only payments. Approximately 75 percent of the principal bears interest at a fixed rate of 3.35 percent, with the remainder at a variable rate.  The loan was placed at a 60 percent loan-to-value ratio and allows for asset substitutions, borrow-ups and partial releases.

Brentwood-based Brookdale, the largest operator of seniors housing in the country, says the refinancing will reduce its annual interest expense by $2.5 million.

Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing originated the financing.