Capital One Provides $285MM Loan for Senior Housing Refi

Capital One closed a $285 million bridge loan to refinance a portfolio of 13 senior living communities owned by Prime Care.

The facilities consist of 1,081 assisted living, 301 memory care, and 85 skilled nursing units located in seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two.

“By holding the entire loan facility, Capital One provided the certainty of execution that the customer required to complete the transaction,” said Capital One’s Senior Vice President Dave Harper, southeast relationship manager for long-term care real estate lending. “The size of this transaction demonstrates the extent of our commitment to seniors housing and healthcare real estate.”

Prime Care has owned the facilities since they were built in the late 1990s. Prime Care and its affiliates have owned more than 50 senior living facilities generating approximately $250 million in revenue.

“We appreciate the responsiveness and flexibility that Capital One demonstrated in meeting our tight timetable,” said Jay Hicks of Prime Care. “Their team’s ability to act so quickly is a reflection of the depth of their healthcare expertise.”

Capital One Healthcare provides financial services to customers across multiple healthcare sectors — including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices — which use the funds to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives.

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