Brookdale Senior Living Inc. (NYSE: BKD) is putting out $157 million to acquire the real estate of 17 senior living communities currently leased and operated by the Brentwood, Tennessee-based company.
The 17-community portfolio is comprised of 735 units, the majority of which complement other Brookdale locations. The company is the nation’s largest senior living provider.
The company also announced it obtained $249 million of fixed-rate financing from Fannie Mae through JLL, with proceeds used to refinance $244 million of mortgage debt scheduled to mature in 2027. Following this refinancing, the company will have no additional mortgage debt maturities until 2028.
CEO Nick Stengle stated, “The acquisition of these 17 communities, currently leased by Brookdale, represents another positive step in Brookdale’s strategy to increase its ownership of real estate within our existing operating footprint and reduce long-term lease obligations. Upon closing this acquisition, Brookdale will only have four long-term lease portfolios remaining, and the remaining leased portfolio in aggregate is producing positive cash flow.”
0 Comments