Marathon Asset Management’s Commercial Real Estate division provided a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP and REDICO for the purpose of refinancing The American House Florida Portfolio.
The portfolio consists of six senior housing communities, totaling 817 units including 409 Independent Living units, 306 Assisted Living units, and 102 Memory Care units. These communities were built between 2015 and 2018 in high-growth Florida markets.
REDICO developed four of the communities from the ground up and acquired two additional ones in 2017 to expand the portfolio. In a recapitalization event in2021, Monarch took over ownership while REDICO remained as both an equity owner and manager.
Joseph Griffin led Marathon’s Commercial Real Estate Team in working with the Sponsor to secure financing for this acquisition loan. CBRE National Senior Housing representatives Aron Will and Adam Mincberg arranged the financing on behalf of Marathon.
