Brookdale Senior Living Inc. (NYSE: BKD) announced today that the Company has obtained a $117.0 million first mortgage loan from Berkadia Commerical Mortgage and Fannie Mae. The mortgage debt has a 10 year term and bears interest at a fixed rate of 5.98%. The Company simultaneously repaid $119.0 million of mortgage debt which was scheduled to mature in 2011. The new mortgage debt is secured by four previously unencumbered communities and 15 of 22 communities that previously served as collateral for the loans that were repaid.
Bill Sheriff, Brookdale's CEO, commented, "We are pleased to have taken the first step of several to come to address all of the Company's 2011 debt maturities and a portion of the Company's 2012 maturities in the near term."