Brookdale Senior Living Inc. (NYSE:BKD) ("Brookdale" or the "Company") announced today that the Company has recently completed a successful advance refinancing of more than $300 million of the Company's 2027 debt maturities while further increasing its liquidity.
On December 20, 2024, Brookdale obtained a $344.2 million loan under its Master Credit Facility Agreement, dated as of August 31, 2017. The financing with JLL Real Estate Capital, LLC ("JLL") was obtained pursuant to Fannie Mae's DUS Program and proceeds were used to repay $312.5 million of variable rate debt due September 2027.
The principal amount of the new debt is secured by non-recourse first priority mortgages on 47 communities, which also secure approximately $435 million of additional outstanding mortgages (including the financing which the Company completed and announced in December 2023).
The new loan bears interest at a fixed rate of 6.14%, is interest only for the first two years, and matures in January 2032. At the closing, the Company repaid $312.5 million of outstanding mortgage debt under the facility which carried a variable rate of 7.20% at the time of repayment.
