Brookdale Announces Refinancing Transaction

ale Senior Living Inc. has obtained a $117 million first-mortgage loan from Berkadia Commercial Mortgage and Fannie Mae, reports the company, which owns and operates senior living communities. The mortgage debt has a 10-year term and bears interest at a fixed rate of 5.98%. Brookdale simultaneously repaid $119 million of mortgage debt that was scheduled to mature in 2011. The new mortgage debt is secured by four previously unencumbered communities and 15 of 22 communities that previously served as collateral for the loans that were repaid. ‘We are pleased to have taken the first step of several to come to address all of the company's 2011 debt maturities and a portion of the company's 2012 maturities in the near term,’ comments Bill Sheriff, Brookdale's CEO. SOURCE: [link=]Brookdale Senior Living


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