Capital One closed a $285 million bridge loan to refinance a portfolio of 13 senior living communities owned by Prime Care.
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.
