Webster Bank and three other banks have closed on a $70 million portfolio refinancing for Apple Health Care, Inc., a regional skilled nursing operator based in Connecticut.

The portfolio consisted of 16 facilities with 1,336 beds in Connecticut and Rhode Island.  The refinancing allowed the company to finance additional properties with the U.S. Housing and Urban Development (HUD), fund improvements, and improve cash flow.

“Webster was a natural choice for Apple, selected because among many value-added advantages, we share like-minded values and a commitment to serving our local communities” stated Brian Foley, president.  “Their early beginnings as a small, Connecticut-based savings and loan company that grew to one of the leading banks in the Northeast resemble Apple’s evolution. And while Webster offers a wide array of financial services that are aligned with our goals and vision, their commitment to core values, which embrace the needs of our communities, is important to us. It’s simple. Banking and health care are personal. Webster is a large, diversified bank with local values. That matters.”

Betsy Shelley, senior vice president, manager of commercial health care lending and Greg Anderson, relationship manager, Commercial Banking, led the transaction for Webster, which has been working with the company for more than 15 years.

“We are delighted to partner with Apple Health Care, Inc., to support this important transaction and its continued growth, as it further demonstrates our commitment to provide innovative financing solutions and banking services to our clients,” said Shelley.