NASHVILLE, Tenn., April 1, 2020 /PRNewswire/ -- Brookdale
Senior Living Inc. (NYSE: BKD) announced today that the Company
recently completed three financing transactions totaling
$208.5 million in order to refinance
the majority of near term maturities and to partially fund recent
acquisitions.
On March 31, 2020, the Company
obtained $149.3 million of mortgage
financing from Capital One, N.A. pursuant to a Freddie Mac capital
markets execution. The refinancing took the form of ten-year
nonrecourse fixed rate loans in the aggregate amount of
$76.2 million and ten-year
nonrecourse variable rate loans in the aggregate amount of
$73.1 million, resulting in proceeds
of $13.0 million.
"As a regular course of business, we are pleased to have
refinanced the majority of our 2020 maturities at favorable rates,"
commented Steven Swain, Brookdale's
Executive Vice President and Chief Financial Officer. "With the
completion of these three planned financing transactions, we have
also improved our liquidity."
Also in March, the Company completed financings of $29.2 million with Berkadia Commercial Mortgage,
LLC under the Fannie Mae DUS program and $30.0 million with BBVA USA. These transactions were secured primarily
by communities acquired in the first quarter from National Health
Investors, Inc. and Healthpeak Properties, Inc., respectively.
Additionally, there were other 2020 maturities addressed earlier in
the quarter.
About Brookdale Senior Living
Brookdale Senior Living
Inc. is the leading operator of senior living communities
throughout the United States. The Company is committed to
providing senior living solutions primarily within properties that
are designed, purpose-built and operated to provide the
highest-quality service, care and living accommodations for
residents. Brookdale operates and manages independent living,
assisted living, memory care and continuing care retirement
centers, with 743 communities in 45 states and the ability to serve
approximately 65,000 residents as of February 1, 2020. The Company also offers a
range of home health, hospice and outpatient therapy services to
over 20,000 patients as of that date. Brookdale's stock is
traded on the New York Stock Exchange under the ticker symbol
BKD.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/brookdale-completes-financings-to-extend-the-majority-of-2020-maturities-and-provide-for-the-funding-of-previously-announced-acquisitions-301033140.html
SOURCE Brookdale Senior Living Inc.