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PGIM Provides $460M Acquisition Financing for Senior Housing Portfolio
PGIM Real Estate provided a $460-million loan for a 10-property, West Coast senior housing portfolio. The seven-year loan provides a combination of fixed and floating rate terms and was secured by a partnership between Boston-based AEW Capital Management and Seattle-based Merrill Gardens Senior Living to fund its acquisition and recapitalization of the portfolio.
The portfolio includes 1,507 total units, with a mix of independent living, assisted living, memory care units, and multifamily units. It also includes approximately 29,000 square feet of ground-floor retail.
PGIM Real Estate’s Trace Wilson says, “The success of this transaction is a testament to strength of our relationship with both sponsors and the collaboration required by all parties to navigate a turbulent and uncertain market climate. Our ability to execute the deal also underscores the quality of the portfolio itself, which has properties located in sought-after infill locations that benefit from strong market fundamentals and favorable demographic trends.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing


