Galerie Living is recapitalizing a senior housing community in Atlanta with a $140 million loan.
It will be covered via a 10-year Freddie Mac senior loan, and the first five years will include interest-only payments. This was considered the "first-ever Freddie Mac senior preferred equity hard pay structure for a seniors housing asset," according to Newmark, which arranged the financing from Kayne Anderson Real Estate Debt.
"This one-of-a-kind loan is a testament to the extraordinary quality and strong performance of Corso Atlanta, as well as to the caliber of our sponsor," Sarah Anderson, senior managing director at Newmark, said in a statement.
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