PRESS RELEASE
BETHESDA, MD, February 16, 2022 – MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it recently closed a transaction with AlerisLife, formerly known as Five Star Senior Living. The $95MM floating rate first mortgage loan is secured by 14 high-quality senior living communities totaling 1,477 units in the Southeast, Midwest, and Northeast US. The communities are owned by AlerisLife and operated by Five Star Senior Living, one of the largest seniors housing operators in the US. MidCap’s loan enhances AlerisLife’s liquidity position and provides funds for capital improvements across the portfolio.
“The closing of this senior secured term loan provides us with increased liquidity to use at our discretion and additional flexibility for the coming years as we execute on our strategic business plan,” AlerisLife President and CEO Katie Potter said in a statement. “MidCap provided efficient transaction execution to enable us to achieve our financing objectives.”
“MidCap demonstrated a strong understanding of our business and were flexible as we worked through the complexities of the loan,” noted Jeff Leer, AlerisLife Executive Vice President and Chief Financial Officer. “We value their partnership and look forward to working with them in the future.”
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries throughout North America. The firm’s years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial’s debt solutions focus in six areas:
• Asset Based Lending – asset-based revolving loans and term loans collateralized by accounts receivable, inventory and other tangible and intangible assets;
• Leverage Lending – leverage based loans to companies backed by private equity sponsors across all industries including healthcare, technology, and business services;
• Life Sciences & Technology Lending – loans to VC-backed and public pharmaceutical, biotech, medical device, diagnostics, healthcare IT, enterprise software and hardware companies;
• Real Estate Lending – loans to developers and operators of commercial, residential and healthcare real estate;
• Lender Finance – term loans and revolving credit facilities to consumer and commercial finance lenders;
• Franchise Finance – loans to franchisees operating in the quick service restaurant other industries.
MidCap Financial refers to MidCap FinCo Designated Activity Company, a designated activity company limited by shares incorporated under the laws of Ireland, and its applicable subsidiaries. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc. MidCap Financial Services, LLC provides sourcing, due diligence and portfolio management services to MidCap Financial. Loans made or arranged by MidCap Financial Trust pursuant to a California Finance Lenders Law license.
Additional information about MidCap Financial can be found at www.midcapfinancial.com
Contact: MidCap Financial Services, LLC
Kevin McMeen, President – Real Estate
312-234-0296
kmcmeen@midcapfinancial.com
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