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News Release: Capital One Closes $242.7 Million Loan to Recapitalize Seniors Housing Portfolio

Bethesda, Md. (July 23, 2018)Capital One announced today that it acted as sole lead arranger, sole bookrunner, and administrative agent on a $242.7 million senior secured term loan for a joint venture managed by Seattle based alternative investment firm, Columbia Pacific Advisors. The proceeds were used to facilitate the recapitalization and acquisition of a portion of the joint venture’s assets including 18 seniors housing facilities in 11 states.

“Our team was able to underwrite, syndicate, and close the transaction in approximately 70 days, to meet Columbia Pacific’s hard close date,” said Dague Retzlaff, senior vice president, Capital One Healthcare. “This was a large, complex transaction and required an in-depth understanding of each individual type of seniors housing and care.” The 2,310-bed portfolio consists of 196 independent living, 1,257 assisted living, 378 memory care, and 479 skilled nursing beds.

“The Capital One Capital Markets group provided a ‘Highly Confident’ rating for the syndication, giving us the certainty of execution that was essential to this deal,” said Todd Seneker at Columbia Pacific. “The team demonstrated an understanding of our goals and worked closely with us throughout the process.”

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 $248.2 billion in deposits and $364.0 billion in total assets as of June 30, 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.

About Columbia Pacific Advisors
Columbia Pacific Advisors, LLC (“CPA”) is a Seattle based alternative investment firm with over $2 billion of AUM[1].  Founded in 2006, CPA manages funds across multiple strategies including real estate, real estate lending, opportunistic and hedged strategies, and has a long legacy in senior housing.  Dan Baty, a senior housing industry pioneer and one of CPA’s founders, established Emeritus Corporation in 1993 and served as Chairman of Holiday Retirement Corporation from 1987 until its sale to Fortress Investment Group in 2007. CPA is a leading developer of assisted living and memory care senior housing. Over the past 10 years, funds managed by CPA have built, acquired or invested in over 35,000 units.

 

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