Brookdale Refinances Substantially All 2020 and 2021 Debt Maturities
September 10, 2020 at 08:00 AM EDT
NASHVILLE, Tenn., Sept. 10, 2020 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or "the Company") announced today that it recently completed another significant financing transaction totaling $221 million, and has now refinanced substantially all of its remaining 2020 and 2021 maturities.
On September 9, 2020, the Company obtained $221 million of ten-year mortgage financing from Newmark Knight Frank pursuant to Freddie Mac's Capital Markets Execution Program. The financing includes $157 million of 3.18 percent fixed rate notes and $64 million of adjustable rate notes with an initial rate of 2.70 percent. The first priority mortgages were secured by 27 senior living communities, most of which had previously secured Freddie Mac loans maturing in 2021.
Steven Swain, Brookdale's Executive Vice President and Chief Financial Officer, said, "We've taken multiple proactive steps to enhance our liquidity in recent quarters. In the regular course of business, we are pleased to have now refinanced the vast majority of our 2020 and 2021 maturities at an attractive initial weighted average loan rate of 3.04 percent. We would like to thank Newmark Knight Frank and Freddie Mac for their continued partnership."
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SOURCE Brookdale Senior Living Inc.