JLL advises Welltower on $1.8 billion recapitalization of Benchmark Senior Living portfolio
JLL advises Welltower in the recapitalization of Benchmark Senior Living's 4,137-unit New England seniors housing portfolio
NEW YORK, August 1, 2019 – JLL announces it has exclusively advised Welltower Inc. (NYSE: WELL) in the recapitalization of the Benchmark Senior Living portfolio, which Benchmark previously owned in partnership with Welltower, with private institutional capital for a gross sale price of $1.8 billion. As a part of the recapitalization, Welltower has fully exited the portfolio and is entitled to an additional $50 million in earnout proceeds, subject to certain conditions. The recapitalization closed in early July.
The 4,137-unit portfolio consists of 48 assisted living properties located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont and had $24 million of secured debt that was extinguished at closing. As part of the recapitalization, Benchmark will invest significant capital into the assets to further enhance the resident experience.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director and Co-Head of JLL’s Capital Markets Healthcare practice Ted Flagg. The JLL Healthcare team includes 89 investment advisory and debt placement professionals nationally across the seniors housing, medical office buildings and life science sectors.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust (REIT), owns interests in properties concentrated in major, high growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties. For more information, visit www.welltower.com.
Based in Waltham, Massachusetts, Benchmark is a leading provider of senior housing in the Northeast with 6,400 associates, 58 current communities, four new communities underway and $3 billion in company value. Founded in 1997 by Tom Grape, Benchmark offers independent living, assisted living, Alzheimer’s care and continuing-care retirement communities in eight states. The Great Place to Work Institute certified Benchmark in 2019 for the second consecutive year. Additionally, the company was selected by FORTUNE magazine for its inaugural 2018 “Best Workplaces for Aging Services” list, ranking third among companies with more than 40 communities. Benchmark is one of only six companies named to The Boston Globe’s “Top Places to Work” list each of the 11 years it has been published. Click here for more information.