Marathon Asset Management Provides $235M Senior Mortgage Loan to Refinance Multi-State Senior Housing Portfolio

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NEW YORK--(BUSINESS WIRE)--Feb 18, 2026--

Marathon Asset Management’s (“Marathon”) Commercial Real Estate platform originated a $235 million senior mortgage loan to an affiliate of Lone Star Real Estate Fund VI, L.P. ("Lone Star") to fund the refinancing of an eleven-property, mixed-acuity senior housing portfolio (the “Portfolio”).

The Portfolio consists of eleven purpose-built senior housing communities encompassing 1,564 total units. Ten of the eleven properties are located throughout primary markets in Florida, while one asset is located within the Dallas-Fort Worth Metroplex.

Lone Star acquired the properties in 2021 and has invested in multiple strategic capital upgrades to the communities since acquisition. The portfolio is operated by Discovery Senior Living, an experienced manager with more than 46,000 managed senior housing units across the United States.

Marathon’s Commercial Real Estate Team, led by Partner Joseph Griffin, worked closely with Lone Star to originate the loan. CBRE’s National Senior Housing team advised on the transaction, with Vice Chairman, Aron Will, Senior Vice President, Matthew Kuronen and Vice President, Michael Cregan, arranging the financing.

“Marathon continues to expand its presence within the senior housing sector given the compelling underlying fundamentals of the asset class driven by rapidly growing demand vs. the limited supply stock,” said Joseph Griffin, Partner and Head of Commercial Real Estate at Marathon. “Our partnership with Lone Star reflects our confidence that the assets and markets are well positioned to capitalize on the favorable demographic tailwinds within senior housing.”

“This transaction highlights the strength and consistency of Marathon’s commercial real estate platform,” shared Bruce Richards, Chairman and CEO of Marathon. “We remain focused on disciplined underwriting and partnering with experienced sponsors in sectors supported by long-term structural demand.”

“We were pleased to partner with Marathon and CBRE on the successful refinancing of this senior housing portfolio. Lone Star believes these assets will continue to benefit from capital investments, strong management and overall growing market demographics,” added Jerome Foulon, Global Head of Commercial Real Estate at Lone Star.

About Marathon Asset Management:

Marathon Asset Management, L.P. is a leading global asset manager specializing in the Private and Public Credit markets with over $24 billion of assets under management. Marathon has dedicated investment programs spanning the spectrum of Private Credit: Asset-Based Lending, Direct Lending, and Opportunistic Credit as well as the spectrum of Public Credit. Marathon was founded in 1998 by Bruce Richards (CEO) and Louis Hanover (CIO) and employs more than 180 professionals, with 8 Partners across 5 global offices. In January 2026, Marathon entered into a definitive agreement to be acquired by entities controlled by CVC Capital Partners plc, a global private markets investment firm. For more information, please visit the company's website at www.marathonfund.com.

About Lone Star Funds:

Lone Star is a leading investment firm with its principal office in London, UK advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for over 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com. Follow us on LinkedIn.

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CONTACT: Marathon Asset Management Press Contacts: Prosek Partners

Josh Clarkson / Joshua Rosen

[email protected] Star Press Contacts: [email protected]

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY ASSET MANAGEMENT

SOURCE: Marathon Asset Management, L.P.

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PUB: 02/18/2026 09:00 AM/DISC: 02/18/2026 09:03 AM

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