FOR IMMEDIATE RELEASE
New York (November 4, 2019) – Capital One announced today that closed a $285 million bridge loan to refinance a portfolio of 13 senior living communities owned by Prime Care, LLC. They consist of 1,081 assisted living, 301 memory care, and 85 skilled nursing units located in seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two.
“By holding the entire loan facility, Capital One provided the certainty of execution that the customer required to complete the transaction,” said Capital One’s Senior Vice President Dave Harper, southeast relationship manager for long-term care real estate lending. “The size of this transaction demonstrates the extent of our commitment to seniors housing and healthcare real estate.”
Prime Care has owned the facilities since they were built in the late 1990s. Prime Care and its affiliates have owned more than 50 senior living facilities generating approximately $250 million in revenue.
“We appreciate the responsiveness and flexibility that Capital One demonstrated in meeting our tight timetable,” said Jay Hicks of Prime Care. “Their team’s ability to act so quickly is a reflection of the depth of their healthcare expertise.”
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 $257.1 billion in deposits and $378.8 billion in total assets as of September 30, 2019. 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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