Goldman Sachs Refinances 549-Property KinderCare Portfolio with $650M Loan

A massive refinancing deal has been secured by a nationwide portfolio of KinderCare Learning Centers properties. The portfolio, which spans 37 states and comprises more than 4 million square feet, was refinanced with a $650M loan from Goldman Sachs.

The loan will pay down the existing debt of $642M that NRT, a private REIT backed by billionaire Milken brothers, took out in July 2021. The initial loan had a floating rate and a two-year term, plus three one-year extension options.

The portfolio's net operating income as of March 2026 was over $85M, significantly higher than the debt service cost of $42M, according to Morningstar Credit's CMBS loan database.