People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Healthcare Finance Group provided a $15.5 million Credit Facility to Esplanade Capital LLC., an owner and manager of a portfolio of healthcare facilities, multi-family units, hotels and retail and commercial office suites, and its joint venture partner Meridian Senior Living LLC., a developer, manager and owner of assisted living and memory care facilities throughout the U.S.
The facility provides Esplanade and its joint venture partner, Meridian, with capital to convert an existing three story commercial building (formerly a skilled nursing facility), in Woodmere NY, to a 70-unit memory care facility.
"We are thrilled to develop a new relationship with Esplanade to provide them with capital and expertise in support of their efforts to address the growing need for dedicated memory care facilities," said Matthew Huber, SVP, Healthcare Finance Market Manager, People's United Bank. "As the healthcare market continues to evolve, companies are demanding a specialized lending partner who can deliver flexible solutions and a personalized approach to service, and we look forward to supporting future growth plans for both Esplanade and Meridian."
"What made People's United an attractive lending partner is their dedicated Healthcare Finance team and experienced bankers who understood the unique attributes of financing a memory care facility. This was a critical component in selecting People's United, and we are excited to expand our portfolio in the New York market," said David Scharf, Managing Partner, Esplanade Capital LLC.
People's United's Healthcare Finance Division is comprised of experienced in-market Bankers across the Northeast and Mid-Atlantic who provide local market-based solutions to non-profit and for-profit organizations across industries. In addition, their origination, underwriting and approval of credit facilities of $5 million and higher provides companies with funds for acquisitions, construction, equipment, working capital needs or debt restructuring.