KeyBank Provides $111.1M Freddie Mac Financing for 14-Property Brookdale Portfolio

BRENTWOOD, Tenn. — KeyBank Real Estate Capital has secured an $111.1 million Freddie Mac loan for Brookdale Senior Living. Based in Brentwood, the publicly traded company is the largest owner and operator of seniors housing in the United States.

KeyBank secured financing in two tranches of 14 cross-collateralized seniors housing properties across Arizona, Florida, Massachusetts, Maryland, Mississippi, New York, Oregon, Texas, Virginia and Washington. The portfolio totals 1,100 units and is comprised of 1,008 assisted living units and 92 memory care units.

Monique Bimler of KeyBank’s Commercial Mortgage Group arranged the first mortgage financing under a 10-year, split-payment master note. The financing includes a five-year interest-only period split between 40 percent floating rate and 60 percent fixed rate, followed by a 30-year amortization schedule. The loans were used to refinance existing debt.