Marathon Asset Management’s Commercial Real Estate division has 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 includes six senior housing communities with a total of 817 units, consisting of 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 was responsible for developing four of the communities from scratch, while also acquiring two additional properties in the portfolio in 2017. In a recapitalization event that took place in2021, Monarch acquired the entire portfolio while REDICO remained as both an equity owner and manager.
Under the leadership of Joseph Griffin, Marathon’s Commercial Real Estate Team worked closely with REDICO to secure funding for this acquisition loan. The financing was arranged by Aron Will and Adam Mincberg from CBRE National Senior Housing.
This successful refinance deal highlights Marathon Asset Management’s expertise in commercial real estate lending as well as their strong partnership with experienced sponsors like Monarch Alternative Capital LP and REDICO.
