We closed three loans on 73 senior living communities with combined proceeds in excess of $1.1 billion. Two financings, an agency financing and a bridge loan financing with combined proceeds in excess of $702 million, closed in connection with the acquisition of 64 senior living communities (58 of which are part of the financings) by a new joint venture with affiliates of Blackstone Real Estate Partners VIII L.P. In addition to acquiring the communities as a member of the joint venture, Brookdale entered into new management agreements with respect to each of the communities that are part of the financing. Separately, an existing Brookdale/HCP joint venture refinanced existing agency debt on 15 senior living communities with synthetic debt, with proceeds of $470 million.
Brookdale Senior Living (NYSE: BKD) is the nation’s largest owner and operator of senior living communities throughout the United States and a leading national provider of senior-related services.