Brookdale Refinances Substantially All 2020 and 2021 Debt Maturities
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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."
About Brookdale Senior LivingBrookdale 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 communities, with 737 communities in 44 states and the ability to serve approximately 65,000 residents as of June 30, 2020. The Company also offers a range of home health, hospice, and outpatient therapy services to over 17,000 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.
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