Capital One Closes $36.6 Million Loan to Meridian Senior Living for Acquisition of Ohio Senior Housing Facilities
Bethesda, Md. (July 25, 2018) – Capital One announced today that it provided a $36.6 million adjustable-rate loan to finance the acquisition of a portfolio of three senior housing communities in Ohio. The properties were developed by Alcore Senior, which specializes in developing independent living, assisted living, and memory care communities in the central United States. The communities are owned by an affiliate of Meridian Senior Living, the new manager of the communities.
“Meridian’s growth mindset, combined with our expertise in the seniors housing industry, allowed us to create a flexible structure to support the company’s business goals,” said Kristen Ahrens, Managing Director, Capital One Healthcare. “The structure for this transaction includes an earn-out that will enable Meridian to right-size the debt as the assets are stabilized.”
Established in 2010, Meridian Senior Living operates a network of communities that serves more than 7,000 residents.
“Capital One was able to structure this loan to fit our business plan for these communities which are in the process of leasing up,” said Robert Sweet, Co-Chief Executive Officer of Meridian Senior Living. “Capital One’s ability to understand and craft a loan that met our needs was essential to our ability to complete the transaction and to effectively serve the families of the local communities that need assisted living and memory care services.”
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.
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