Oak Grove Capital recently closed a $437.8 million Fannie Mae DUS credit facility for Brookdale Senior Living, Inc. (NYSE:BKD).
The seven-year facility, which is 75% fixed-rate and 25% variable rate, was used to refinance existing mortgage debt.
Brookdale used the new debt to refinance existing loans for 44 different properties with a total of 4,145 units, consisting of assisted living, independent living, memory care and skilled nursing located across 13 states.
The credit facility provides Brookdale with “significant structural flexibility” and had competitive rates, Bill Sheriff, CEO of Brookdale, said in a statement, adding that it was closed in a 75-day timeframe “in the face of political uncertainty.”
Written by Alyssa Gerace