Marathon Asset Management’s Commercial Real Estate platform has originated a $235-million senior mortgage loan to an affiliate of Lone Star Real Estate Fund VI, L.P. to refinance an 11-property, mixed-acuity seniors housing portfolio.
The portfolio comprises purpose-built communities totaling 1,564 units. Ten of the eleven properties are located in primary Florida markets, with one asset situated in the Dallas–Fort Worth Metroplex.
Lone Star acquired the properties in 2021 in a $335-million transaction from Healthpeak Properties and has since invested in multiple strategic capital upgrades across the communities. The portfolio is operated by Discovery Senior Living.
Marathon’s Commercial Real Estate team, led by partner Joseph Griffin, collaborated closely with Lone Star to structure and originate the loan. CBRE’s National Senior Housing team advised on the transaction, with vice chairman Aron Will, senior vice president Matthew Kuronen, and vice president Michael Cregan arranging the financing.
