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Lone Star Funds has obtained a $235 million mortgage secured by an 11-property senior housing portfolio spanning Florida and Texas. The portfolio consists of 1,564 units across communities that provide independent living, assisted living and memory care. According to reporting from the South Florida Business Journal, the loan was originated by Marathon Asset Management’s Commercial Real Estate platform.
The properties are located in Florida markets such as Tampa, Boca Raton, Sarasota and Naples, along with one additional community in Texas. The portfolio reflects a diverse mix of senior housing product types, positioning the assets to serve a range of resident needs from more active independent living to higher-acuity care settings.
Lone Star Funds acquired the portfolio prior to this transaction and has since invested in capital upgrades across the communities. The owner believes the refinancing will help sustain ongoing improvements while allowing the portfolio to benefit from favorable senior housing demographic trends. The financing package effectively recapitalizes the assets as they continue to navigate a growing demand base driven by an aging population.
Operations at the 11 communities are currently overseen by Discovery Senior Living, which manages day-to-day property performance and resident services. The relationship between Lone Star as owner and Discovery as operator remains in place under the new mortgage, aligning institutional ownership with an experienced senior housing manager.
On the capital markets side, Marathon Asset Management’s Commercial Real Estate platform acted as the lender, originating the senior mortgage on the portfolio. CBRE arranged the financing, with a team led by Aron Will, Matthew Kuronen and Michael Cregan. Joseph Griffen, a partner at Marathon, worked with Lone Star to structure and close the loan.
The transaction underscores continued lender engagement in the senior housing sector, particularly for scaled portfolios that have demonstrated investment in physical plant and operations. While detailed loan terms were not disclosed, the refinancing signals that institutional capital remains available for senior housing owners pursuing recapitalizations and reinvestment in existing communities.
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