BIRMINGHAM, Ala.–(BUSINESS WIRE)— Coastal States Bank (“CSB”) announced that it recently closed a bridge loan for a joint venture between Winterpast Capital Partners (“Winterpast”), Vitality Senior Living Management (“Vitality”), and Virtus Real Estate Capital (collectively, the “Sponsor”). Loan proceeds were utilized to acquire a 97-unit assisted living and memory care (AL/MC) community in the Preston Hollow neighborhood of Dallas, TX. The community was acquired in December 2023 by a different joint venture between Vitality, Winterpast and another equity group, as a skilled nursing facility. The community was fully renovated and repositioned as an AL/MC to better align with local market demand. The loan, which includes reserves to support the Sponsor’s ongoing repositioning of the community, was structured with competitive terms.
About Coastal States Bank
Coastal States Bank builds relationships by providing a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. CSB’s Senior Housing Lending vertical provides competitive and creative financial solutions nationally to senior housing owners and operators for acquisitions, construction, renovations, recapitalizations and expansions. At present, CSB has approximately $2.3 billion in total assets. CSB is a wholly-owned subsidiary of CoastalSouth Bancshares, Inc. (NYSE: COSO).
For additional information regarding Coastal States Bank, please visit www.coastalstatesbank.com.
About Virtus
Virtus Real Estate Capital is one of the longest tenured private equity real estate fund managers in the U.S. focused exclusively on cycle resilient needs-based property sectors, such as healthcare, education, storage, and middle-income workforce housing. The Firm was founded in 2003 in Austin, TX. The Firm has acquired or developed more than 300 commercial properties totaling over $7 billion throughout the U.S. Virtus is known across the industry for its deep expertise in social infrastructure sectors and its commitment to people, which is driven by a strong corporate culture around its four core values: Thoughtful Evolution, Resilience, Honorable Action, and Purposeful Work. For more information on investment strategy and portfolio, please visit www.virtusre.com.
About Winterpast Capital Partners
Founded in 2016, Winterpast Capital Partners (WCP) is a real estate private equity and development firm headquartered in Brentwood, TN. WCP’s investment activities include single-tenant build-to-suit, residential development, and seniors housing. WCP has developed/acquired 30+ communities in the seniors housing space and has executed related transactions valued at over $1.0B. For more information, visit www.winterpastcapital.com.
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