Brookdale has refinanced greater than $300 million of its 2027 debt maturities.
The corporate obtained a $344 million mortgage below a grasp credit score facility settlement, and the financing was used to repay variable price debt due September 2027 whereas rising Brookdale’s liquidity, in response to a press launch issued Monday.
The principal quantity of the brand new debt is “secured by non-recourse first precedence mortgages” on 47 communities and secures an extra $435 million of further excellent mortgages.
The discharge states the brand new mortgage has a hard and fast rate of interest of 6.14%, is interest-only for the primary two years, and matures in January 2032. Brookdale paid $312.5 million of excellent mortgage debt in closing.
“Demonstrating ongoing proactive administration of our stability sheet, we as soon as once more accomplished a useful financing transaction to handle a future debt maturity at a positive price,” Daybreak Kussow, Brookdale government vp and chief monetary officer, mentioned within the launch. “We’re happy to learn from the superior refinancing on this facility, and we’re grateful to Fannie Mae and JLL for his or her ongoing partnership.”
This refinancing comes after the latest information that Brookdale struck an settlement with actual property funding belief Ventas (NYSE: VTR) to proceed managing 65 communities, following a negotiation associated to a 120-property lease that Brookdale had declined to resume.
