Marathon Asset Management Provides $154.5M Loan to Refinance Premier Senior Living Communities

Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP ("Monarch") and REDICO (collectively, the "Sponsor") to fund the refinance of The American House Florida Portfolio (the “Portfolio”).

The Portfolio consists of six premier, purpose-built senior housing communities encompassing 817 total units – 409 Independent Living units, 306 Assisted Living units, and 102 Memory Care units. Five of the six communities were built between 2015 and 2018 in dynamic Florida markets that are currently experiencing significant demographic growth.

REDICO has been invested in the Portfolio for nearly a decade and possesses a deep knowledge of the communities and their respective markets. REDICO developed four of the communities from the ground up, and in 2017, REDICO expanded the Portfolio by strategically acquiring two additional communities. In 2021, Monarch acquired the Portfolio through a recapitalization event, whereby REDICO remained as both a joint venture equity owner and manager through its affiliate, American House SLC.

Marathon’s Commercial Real Estate Team, led by Managing Director Joseph Griffin, worked closely with the Sponsor to originate the senior acquisition loan. Aron Will, Vice Chairman of CBRE National Senior Housing, and Adam Mincberg, Senior Vice President of CBRE National Senior Housing arranged the financing.

“We are excited to partner with Monarch and REDICO by providing financing on a senior housing portfolio that stands to benefit from the major demographic shift as the US population ages. We are keenly focused on the senior housing subsector, and we expect to grow our portfolio allocation substantially over time,” said Joseph Griffin, Head of Commercial Real Estate at Marathon.

About Marathon Asset Management:

Marathon Asset Management, L.P. is a leading global asset manager specializing in the Public and Private Credit markets with over $23 billion of assets under management. Marathon has dedicated investment programs spanning the spectrum of Private Credit: Direct Lending, Asset-Based Lending and Opportunistic as well as the spectrum of Public Credit. Marathon was founded in 1998 and is managed by Bruce Richards (Co-Founder & CEO) and Louis Hanover (Co-Founder & CIO) and employs more than 180 professionals, with 8 Partners. Its corporate headquarters are located in New York City, and it has offices in London, Miami, Los Angeles and Luxembourg. Marathon is a Registered Investment Adviser with the Securities Exchange Commission. For more information, please visit the company's website at www.marathonfund.com.

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