Newmark Arranges $140 Million Recapitalization for Luxury Seniors Housing Facility in Atlanta, Georgia

November 4, 2024 9:00 AM

Newmark announces it has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit luxury seniors housing asset located at 3200 Howell Mill Road in Atlanta, Georgia.

Newmark's Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, featuring five years of interest-only payments, and arranged a preferred equity investment from Kayne Anderson Real Estate Debt. The landmark transaction represents the first-ever Freddie Mac senior preferred equity hard pay structure for a seniors housing asset.

Newmark Senior Managing Director Sarah Anderson, President of Capital Markets for North America Chad Lavender, Vice Chairman Ryan Maconachy and Directors Mills Poynor and Ben McElroy facilitated the transaction on behalf of the borrower, Galerie Living.

"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," said Anderson. "Our team is proud to have successfully navigated this complex financial structure to completion, setting a precedent in the seniors housing finance sector. We look forward to continuing our long-standing relationship with Galerie and reinforcing their dedication to excellence in senior care."

Corso Atlanta's esteemed reputation is further validated by its 2024 ranking as the premier senior living facility in the Southeast and among the top 10 nationally, as recognized by The Atlanta Journal-Constitution. The community offers a range of floor plans and services, including independent living, assisted living and memory care options, along with luxurious amenities that cater to residents' lifestyles. Highlights include chef-led dining options including a bistro and creperie, a heated pool, a state-of-the-art fitness center, a full-service salon, multiple outdoor spaces, a theater and both a floral shop and gift boutique.

As part of the Galerie Living family, Corso Atlanta exemplifies the company's commitment to redefining senior living through a unique blend of world-class care, innovative technology and exceptional service. With over 30 years of experience, Galerie Living leads the industry with award-winning community concepts, fostering vibrant, supportive environments that promote health, happiness and well-being for residents, families and staff alike. As the company continues to expand its senior living portfolio-including new Corso and Village Park communities-Galerie Living's holistic approach ensures that each resident experiences personalized care in thoughtfully designed environments, paving the way for more good days for residents and their families.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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