PGIM Originates $721M in Senior Housing Debt Across 11 U.S. Transactions

PGIM's real estate business originated approximately $721 million in debt financing across 11 senior housing transactions totaling nearly 3,000 units in 2025, the firm announced Feb. 3. The activity supported acquisitions and refinancings for operators and sponsors across the U.S.

The transactions included five acquisition financings and six refinancings, providing capital for both single-asset and portfolio transactions. Senior housing units were financed across five U.S. regions, including the West, Midwest, Northeast, Southeast, and Southwest.

Senior Housing Market Fundamentals Drive Financing Activity

"Senior housing fundamentals continued to improve throughout 2025, supported by favorable demographics, stabilizing operating performance, and renewed transaction activity," said Trace Wilson, executive director at PGIM. "Our production reflects strong demand for flexible, reliable capital across the risk spectrum and our ability to tailor financing solutions to sponsor objectives."

The firm executed three portfolio transactions encompassing 14 properties and nearly 1,800 units. Execution types in 2025 included core and core-plus private financing as well as agency executions through Freddie Mac, enabling sponsors to pursue acquisitions, recapitalizations, and balance sheet optimization in a higher-for-longer interest rate environment.

Notable Senior Housing Transactions in 2025

PGIM completed several transactions across multiple markets:

In Southern California, the firm provided $45.7 million in acquisition financing for a 153-unit core asset sponsored by Harrison Street Asset Management.

The Trulee Evanston transaction involved a $50 million refinance of a 160-unit core-plus senior housing property in Evanston, Illinois, sponsored by AEW Capital Management and Solera Senior Living.

A three-property portfolio in the Northeast received $110.2 million in acquisition financing across three properties totaling 254 units in New Jersey and New York.

PGIM provided $105 million in acquisition financing for a 385-unit two-property portfolio in Illinois and Tennessee.

Agency Executions and Portfolio Refinancings

The firm executed two Freddie Mac refinancings in 2025. A nine-asset portfolio received $146.1 million in Freddie Mac refinancing across nine senior housing communities sponsored by Brookdale Senior Living.

Aegis Corte Madera, a 118-unit senior housing community in Corte Madera, California, received $60.5 million in Freddie Mac refinancing. The property is sponsored by Blue Moon Capital Partners and Aegis Senior Living.