FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

Capital One Closes $15.5MM Term Loan for Texas Retirement Community

March 10, 2015, 07:07 AM
Filed Under: Healthcare

Capital One Bank provided a $15.5 million term loan to finance the acquisition of Meadow Lake, a continuing care retirement community (CCRC) in Tyler, Texas.  The borrower, a partnership between Evergreen Senior Living Properties LLC, its management affiliate ESLP Management LLC, and RSF Partners, acquired the property through a bankruptcy auction.

RSF has invested more than $500 million in commercial real estate with a special focus on senior living facilities. Evergreen and RSF are repeat clients for Capital One Bank, which provided financing for a similar acquisition in 2012. “Together, RSF Partners and Evergreen have a track record of successfully turning around distressed CCRCs,” said Imran Javaid, Managing Director, Capital One Bank.  “We were very pleased to help them with this new opportunity.”

Capital One closed the transaction quickly to allow the borrower to acquire the property within five weeks of the auction. “The Capital One team’s in-depth knowledge of the CCRC model, their ability to envision the ultimate structure of the deal early on, and their dedication to serving their customers were all critical in meeting our deadline,” said Chris Coates, President and CEO of Evergreen.  Brian Dowd, Evergreen’s CFO added, “Capital One’s ability to customize the loan terms to our strategic turnaround plan was a key element in creating a stable capital base for the community.”

Located on 95 acres, Meadow Lake opened in 2011 and consists of 117 independent living units, 20 assisted living units, 34 memory care units and 30 skilled nursing beds. It also includes 20 fully improved lots for additional independent living cottages as well as undeveloped land that could accommodate an additional 88 cottages.

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.            





Week's News



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.