Marathon Scores $154.5M Refi of Florida Sr. Housing Portfolio

Marathon Scores $154.5M Refi of Florida Sr. Housing Portfolio

Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP (“Monarch”) and REDICO (the “Sponsor”) to fund the refinance of The American House Florida Portfolio.

The Portfolio consists of six senior housing communities encompassing 817 units: 409 Independent Living units, 306 Assisted Living units, and 102 Memory Care units. Five of the six communities were built between 2015 and 2018 in Florida markets experiencing significant demographic growth.

REDICO developed four of the communities from the ground up, and in 2017, it expanded the Portfolio by acquiring two additional communities. In 2021, Monarch acquired the Portfolio through a recapitalization event, during which REDICO remained as both a joint venture equity owner and manager.

Marathon’s Commercial Real Estate Team, led by Joseph Griffin, worked with the Sponsor to originate the senior acquisition loan. Aron Will and Adam Mincberg of CBRE National Senior Housing arranged the financing.

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