Capital One Bank Closes Term Loan for FC Ranger
Capital One Bank announced that it acted as a joint bookrunner on a $213.5 million secured term loan to FC Ranger Acquisition. The proceeds financed the acquisition of a portfolio of 26 senior housing properties consisting of 272 independent living units, 1,168 assisted living units and 394 memory care beds. The facilities are located in Oregon, Washington, Texas, California, Colorado and Tennessee.
Formation Capital, the sponsor behind FC Ranger Acquisition, is a private investment firm focused on senior housing and care, post-acute and healthcare real estate investments.
Capital One will hold $100 million of the term loan and will also provide deposit and treasury management services to the facilities.
“We are pleased to support Formation Capital and SAFANAD as they continue to build their senior housing portfolio,” said Brian Morris, managing director, Commercial and Specialty Finance, Capital One Bank. “This is a great opportunity to partner with industry leaders as we expand our commercial and specialty lending business nationwide.”
“Capital One Bank worked closely with us to structure an attractive financing solution for this complex acquisition,” said Brian Beckwith, chief executive officer of Formation Capital. “As we continue to grow our health care real estate portfolio, we look forward to working with the Capital One Bank team.”