JLL advises Welltower on $1.8 billion recapitalization of Benchmark Senior Living portfolio

Ted Flagg

NEW YORK, NY  - 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. 

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. 

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.

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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contacts: 

Ted Flagg, JLL Senior Managing Director 

Phone:  +1 212 336 5482

Email: Ted.Flagg@am.jll.com

 Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

www.welltower.com.

jll.com.