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Boston & New England  + Senior Housing  |  August 6, 2019
David Cohen
By: David Cohen

JLL Arranges $1.8B Recapitalization of New England Senior Living Portfolio

JLL arranged a $1.8-billion recapitalization for the Benchmark Senior Living portfolio, a 4,137-unit portfolio consisting of 48 assisted-living properties in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.

Ted Flagg of JLL’s Capital Markets Healthcare division advised Welltower Inc. in the recapitalization of the portfolio, which Benchmark previously owned in partnership with Welltower. As part of the recapitalization, Welltower has fully exited the portfolio and is entitled to an additional $50 million earnout proceeds, subject to certain conditions. The transaction closed in July.

The portfolio had $24 million of secured debt that was extinguished at closing. As part of the recapitalization, Benchmark will invest significant capital into the assets to further improve the resident experience.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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