Capital One announced that it has provided a $52 million secured term loan for the recapitalization of a joint venture between ROC Seniors Housing Fund Manager, LLC and Freedom Senior Management; for Jacaranda Trace, a seniors housing community in Venice, Florida.  Capital One also provided a revolving line of credit to fund future growth initiatives associated with the property.

The majority investor in the property is ROC Seniors Housing Fund Manager, a private equity real estate manager specializing in seniors housing and medical property investments in the United States. The transaction covered 215 independent living units, 20 assisted living units, 36 memory care units, a clubhouse, and 33 acres of land in the 433-unit property. The remaining units are held by private parties.

“We were pleased to deliver a tailored financing solution to meet the needs of this property’s unique structure,” said Scott Rossbach, Director, Capital One Commercial Banking. “Our industry focus in seniors housing was a primary consideration that led ROC Seniors to turn to Capital One.” 

“The team at Capital One worked closely with us to gain a deep understanding of the operating business model which was complex due to the continuing fill up of a recently opened state of the art memory care unit” said Phillip Anderson, ROC Seniors’ Chief Investment Officer. “They executed a financing solution that exceeded the venture’s expectations.”

The borrower intends to expand the property by adding independent living and assisted living units on the property’s vacant land.  Community amenities include dining, concierge services, and scheduled transportation. 

Capital One’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. 

ROC Seniors Housing Fund Manager, LLC is a fund manager for a family of private funds that focus on investments in seniors housing communities and medical office facilities, whose principals have more than 20 years of success in the seniors housing and medical office sectors. ROC Seniors is a subsidiary of Bridge Investment Group Partners, LLC (“Bridge-IGP”) a registered investment adviser.