PGIM Real Estate has provided AEW Capital Management and Merrill Gardens Senior Living with a $460m (€392m) loan to help fund a 10-property US senior housing portfolio acquisition.

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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