Brookdale 14 Senior Housing Portfolio
|Deal Type||Freddie Mac|
The transaction includes a $111,105,000 ($101,005/unit) non-recourse, first mortgage loan secured by two tranches of 14 cross-collateralized senior housing properties, totaling 1,100-units (1,008 AL/92 ALZ units), located in the states of AZ, FL, MA, MD, MS, NY, OR, TX, VA and WA. The average age of the portfolio is 26 years, of which 36% were built between 1979 and 1989, and 64% were built between 1996 and 1999. The assets will be crossed and structured under a 10-year split payment master note with 5 years of interest only, 40% floating/ 60% fixed rate. The proposed loan will be used to refinance the existing debt of the properties. The loan is structured with a 10-year term, with an initial 5-year interest-only period, followed by a 30-year amortization schedule.