JLL Arranges $248.9M Fannie Mae Refinancing for Brookdale Senior Living's 45-Property Portfolio

JLL Capital Markets has arranged a $248.9 million refinancing for a 5,027-unit seniors housing portfolio owned by Brookdale Senior Living, the firm announced Aug. 12. The five-year, fixed-rate loan was secured through Fannie Mae and covers 45 communities spanning 14 states.

Deal Structure and Portfolio Overview

The financing refinances one tranche of a three-tranche credit facility that JLL originally arranged between Brookdale Senior Living and Fannie Mae in 2017. The new loan extends the operator's relationship with the agency lender.

The 45-property portfolio includes communities offering independent living, assisted living, and memory care, as well as several full-continuum rental continuing care communities that also provide skilled nursing services. JLL said portfolio occupancy has shown consistent improvement and that performance reflects strategic management initiatives implemented across the platform — a key underwriting consideration in seniors housing financing, where occupancy and cash flow trends drive lender decisions.

Geographic Footprint

The portfolio spans major markets across 14 states, including Phoenix, Los Angeles, San Francisco, Denver, Charlotte, Houston, Dallas, and Fort Myers, among others.

JLL Team

The JLL Seniors Housing Capital Markets team representing Brookdale Senior Living was led by Managing Director Allison Holland, Associate Alex Sheaffer, and Analyst William Roberts. JLL Capital Markets is a full-service global provider of capital solutions with more than 3,000 specialists in offices across nearly 50 countries.

Market Context

The transaction signals continued agency lender appetite for large, established seniors housing operators with stabilizing fundamentals. Fannie Mae's participation in a deal of this scale reflects the availability of agency capital for portfolio-level refinancings in the sector. JLL reported firmwide revenue of $7.6 billion in the first quarter of 2026, up 10% year over year, reflecting active conditions across its debt advisory, investment sales, and leasing businesses.

For Brookdale Senior Living, the refinancing provides an opportunity to extend its capital structure under fixed-rate terms against a backdrop of improving portfolio performance.

About the Firms

Brookdale Senior Living is one of the largest operators of senior living communities in the United States. JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries, as of June 30, 2026. Fannie Mae is a government-sponsored enterprise that provides liquidity to the multifamily and seniors housing lending markets through its agency debt programs.