Berkadia Secures Fannie Mae Loan for Clarion Partners' Acquisition of Vitality Living Franklin

FRANKLIN, Tenn. — July 15, 2026 — Berkadia has arranged a Fannie Mae loan on behalf of New York City-based Clarion Partners for the acquisition of Vitality Living Franklin, a 126-unit assisted living and memory care community located at 1035 Fulton Greer Lane in Franklin, Tennessee. The financing was originated by Berkadia Seniors Housing & Healthcare, with Managing Directors Garrett Sacco, Austin Sacco, and Steve Muth, along with Alec Rosenfeld, AVP of Originations, leading the transaction.

Deal Details: Agency Financing for a Stabilized Seniors Housing Asset

The Fannie Mae loan provides long-term, non-recourse financing structured to support Clarion Partners' acquisition of the Franklin property. Fannie Mae's seniors housing program typically structures non-recourse, fixed-rate loans with five- to ten-year terms, with maximum loan-to-value ratios generally in the 65–75% range for stabilized assisted living and memory care assets, and minimum debt service coverage ratios at or above 1.30x–1.35x for stabilized seniors housing. Loan amount, interest rate, and other specific financial terms were not disclosed in connection with the transaction.

Vitality Living Franklin is described by Berkadia as a "strong performing" community, a characterization that aligns with the asset profile typically required for agency execution. Fannie Mae has continued to serve as a key debt capital provider for private-pay seniors housing, favoring stabilized, professionally managed properties with institutional sponsors — a profile Clarion Partners fits as a large, diversified institutional real estate investment manager.

"Berkadia is pleased to partner with Clarion Partners, a leading real estate investment manager, to help deliver long term financing for this strong performing, senior housing community. We appreciate the partnership with a best-in-class team in the industry as they continue to strategically expand in the sector and add strong, new partnerships," said Managing Director Garrett Sacco.

Property Overview: Assisted Living and Memory Care in Williamson County

Vitality Living Franklin sits near the heart of Williamson County, one of Tennessee's most affluent and fastest-growing suburban markets adjacent to Nashville. The 126-unit community provides assisted living and memory care services, offering residents three chef-prepared meals daily, maintained community walking trails, and complimentary scheduled transportation to local church services, shopping, and events.

The property's location in Franklin positions it within a high-income suburban market where private-pay senior living affordability is supported by household incomes that significantly exceed the state average. The Nashville metropolitan area has experienced above-average growth in the 75-and-older population cohort, sustaining demand for assisted living and memory care services in the region.

Market Context: Institutional Capital Targets Sun Belt Seniors Housing

The transaction reflects broader trends in the seniors housing capital markets, where institutional investors have been selectively increasing exposure to private-pay assisted living and memory care assets in supply-disciplined, affluent suburban markets. National seniors housing occupancy has continued to recover from pandemic-era lows, with many markets approaching or surpassing pre-2020 levels, particularly in well-located suburban communities. Private-pay seniors housing has also seen solid rent growth as operators have pushed rate increases while maintaining occupancy, though margin compression from labor and insurance costs remains a factor for the sector broadly.

For institutional buyers such as Clarion Partners, agency financing through Fannie Mae offers spread stability and a non-recourse structure — attributes that have become increasingly attractive as some regional banks have pulled back from healthcare and senior living lending in a rate-volatile environment.

Clarion Partners has been selectively increasing exposure to alternative property types, including seniors housing, to diversify beyond traditional commercial real estate sectors. Acquiring a stabilized assisted living and memory care community in a high-income Nashville suburb is consistent with that strategy.

Berkadia Seniors Housing & Healthcare Platform

Berkadia Seniors Housing & Healthcare operates as a capital markets advisory platform serving active adult, independent living, assisted living, memory care, and skilled nursing projects nationwide. The group offers loan origination services and products spanning FHA/HUD, Fannie Mae, Freddie Mac, life company, and proprietary bridge lending — a range that positions the firm to serve both stabilized agency executions and transitional or value-add transactions in the seniors housing sector.

Sources

Berkadia — Vitality Living Franklin, Franklin, TN | Financed by Berkadia 2026