Brookdale Completes Financings to Extend the Majority of 2020 Maturities and Provide for the Funding of Previously Announced Acquisitions

NASHVILLE, Tenn., April 1, 2020 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) announced today that the Company recently completed three financing transactions totaling $208.5 million in order to refinance the majority of near term maturities and to partially fund recent acquisitions.

On March 31, 2020, the Company obtained $149.3 million of mortgage financing from Capital One, N.A. pursuant to a Freddie Mac capital markets execution. The refinancing took the form of ten-year nonrecourse fixed rate loans in the aggregate amount of $76.2 million and ten-year nonrecourse variable rate loans in the aggregate amount of $73.1 million, resulting in proceeds of $13.0 million.  

"As a regular course of business, we are pleased to have refinanced the majority of our 2020 maturities at favorable rates," commented Steven Swain, Brookdale's Executive Vice President and Chief Financial Officer. "With the completion of these three planned financing transactions, we have also improved our liquidity."

Also in March, the Company completed financings of $29.2 million with Berkadia Commercial Mortgage, LLC under the Fannie Mae DUS program and $30.0 million with BBVA USA. These transactions were secured primarily by communities acquired in the first quarter from National Health Investors, Inc. and Healthpeak Properties, Inc., respectively. Additionally, there were other 2020 maturities addressed earlier in the quarter.

About Brookdale Senior Living

Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States.  The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents.  Brookdale operates and manages independent living, assisted living, memory care and continuing care retirement centers, with 743 communities in 45 states and the ability to serve approximately 65,000 residents as of February 1, 2020.  The Company also offers a range of home health, hospice and outpatient therapy services to over 20,000 patients as of that date.  Brookdale's stock is traded on the New York Stock Exchange under the ticker symbol BKD.

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SOURCE Brookdale Senior Living Inc.