Capital One Closes $9.3 Million Fannie Mae Loan to Refinance Texas Assisted Living Community
Capital One announced today that it provided a $9.3 million Fannie Mae fixed-rate loan to refinance The Arbor Assisted Living and Memory Care, a 59-unit seniors housing facility in Nacogdoches, Texas. The sponsor, Prevarian Senior Living, is using the proceeds to retire existing debt and recapture equity invested to acquire and expand the property.
“This transaction is a great illustration of the Agency financing capabilities of Capital One,” said Keith Kodrin, Senior Vice President, Capital One Healthcare. “We discussed various financing options Capital One can offer with the client. In the end Prevarian determined an Agency financing was the best option for this particular asset.”
Founded in 2010, Prevarian Senior Living currently owns seven assisted living and memory care communities in Texas, Florida, Oklahoma, and Arizona. In each case, Prevarian has aligned or partnered with local healthcare systems, becoming part of the local post-acute care continuum. Prevarian is a repeat Capital One customer.
“Our overwhelming impression of the Capital One team is that they were determined to find a financing structure that worked for us,” said H. Dodd Crutcher, Cofounder and Principal of Prevarian Senior Living. “With our goals for the property, Fannie Mae financing was a great solution.”
Built in the late 1990s, The Arbor originally had 36 units. When Prevarian bought the property in 2015, it completed a renovation and expansion that added 23 units, including a secure memory care wing, and additional common area space, allowing it to successfully reposition the property.
Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers. Additional information can be found at capital.one/healthcare.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $250.8 billion in deposits and $362.9 billion in total assets as of March 31, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
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