Capital One announced it served as lead and administrative agent for a $52 million senior secured term loan to refinance Evergreen Woods, a continuing care retirement community in North Branford, CT.
The facility is jointly owned by The Shelter Group, a privately held real estate development and property management company specializing in multifamily and senior living communities, and affiliates of Herbert J. Sims & Co., an investment bank focused primarily on the senior housing industry. First Niagara participated in the loan.
“Thanks to its steadfast commitment to quality, The Shelter Group has emerged over the last 30 years as a recognized industry leader,” said Scott Rossbach, Director, Capital One Bank. “We tailored a structure that meets the sponsor’s unique needs while setting the stage for a more comprehensive banking relationship that will benefit the community for years to come.”
“Capital One demonstrated flexibility and a thorough grasp of our business model in the course of arranging financing,“ said Jeffrey K. Hettleman, Executive Vice President of The Shelter Group. The financial covenants and repayment structure will allow for significant capital improvements to the property throughout the term of the loan.
Located approximately nine miles from New Haven, Evergreen Woods consists of 227 independent living units, 22 assisted living units, and 50 skilled nursing beds. This facility is an entrance fee based community that offers residents a full continuum of care. Evergreen Woods is managed by Brightview Senior Living, an affiliate of The Shelter Group with 30 senior housing facilities throughout the Northeast and Mid-Atlantic.
“We are proud to support the capital improvement of this vitally important facility in the community,” said Matthew Huber, Senior Vice President and Senior Director, Healthcare Group at First Niagara. “First Niagara is responding to this need with customized and unique financing solutions alongside our outstanding business partners.”
Capital One Bank’s Healthcare team provides a wide array of banking and lending solutions to the long-term care industry, as well as the broader healthcare marketplace, including real estate loans, enterprise term loans and revolving lines of credit to address their capital needs. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.