According to earlier media reports, healthcare real estate investment trust Welltower was selling its stake in the portfolio located on the west coast to AEW and Merrill Gardens for about $700m.
PGIM Real Estate said it has provided the seven-year loan to fund Merrill Gardens and AEW’s acquisition and recapitalisation of the portfolio.
The portfolio includes 1,507 total units, with a mix of independent living, assisted living, memory care units, and multifamily units. It also includes approximately 29,000sqft of ground-floor retail.
Trace Wilson, executive director at PGIM Real Estate, said: “The success of this transaction is a testament to the strength of our relationship with both sponsors and the collaboration required by all parties to navigate a turbulent and uncertain market climate.
“Our ability to execute the deal also underscores the quality of the portfolio itself, which has properties located in sought-after infill locations that benefit from strong market fundamentals and favourable demographic trends.”
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