BERKADIA ARRANGES $146M FOR 19-PROPERTY SENIORS HOUSING PORTFOLIO

HORSHAM, PA. — Berkadia Commercial Mortgage has arranged $146 million for a 19-property portfolio of seniors housing properties located across 10 states. The borrower, Brookdale Senior Living, received a seven-year, fixed-rate loan that will be used to refinance the properties. The financing features a 4.76 percent interest rate and 60 percent loan-to-value ratio, as well as a 30-year amortization schedule. Additionally, as the first-ever Freddie Mac Seniors Housing Early Index Lock transaction, the loan provides protection against potential increases in interest rates. The Early Index Lock program allows borrowers to lock the Index up to 90 days before closing to hopefully eliminate any risk associated with the Index; however, borrowers cannot lock the spread, which will continue to fluctuate until it is locked before closing.The properties refinanced under the loan are located in Arizona, California, Colorado, Florida, Indiana, Kansas, Michigan, Pennsylvania, Texas and Washington. Combined the 90-percent occupied properties offer 1,170 units: 770 assisted living units, 205 memory care units and 195 independent living units. Christopher Fenton and Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group secured the financing.