NEW YORK CITY — Marathon Asset Management has provided a $154.5 million mortgage loan for the refinancing of a senior living portfolio, The American House Florida Portfolio, located in Florida. A joint venture between Monarch Alternative Capital and REDICO is the borrower.
Totaling 817 units, the portfolio comprises six communities offering 40 independent living, 306 assisted living and 102 memory care residences. The communities were built between 2015 and 2018.
According to a press release issued by New York-based Marathon, each of the properties is located in a Florida market currently experiencing significant demographic growth.
REDICO, which developed four of the communities, has been invested in the portfolio for roughly a decade. In 2017, REDICO expanded the portfolio through the acquisition of two additional communities. Monarch acquired the portfolio in 2021through a recapitalization, wherein REDICO remained as joint venture equity owner. REDICO manages the properties through its affiliate, American House SLC.
Joseph Griffin Marathon originated the loan. Aron Will and Adam Mincberg of CBRE secured the financing on behalf of the borrower.