People’s United Bank’s Healthcare Finance Group provided a $15.5 million credit facility to Esplanade Capital.

The facility provides Esplanade and its joint venture partner, Meridian, with capital to convert an existing three-story commercial building (formerly a skilled nursing facility), in Woodmere NY, to a 70-unit memory care facility.

“We are thrilled to develop a new relationship with Esplanade to provide them with capital and expertise in support of their efforts to address the growing need for dedicated memory care facilities,” said Matthew Huber, SVP, Healthcare Finance market manager, People’s United Bank. “As the healthcare market continues to evolve, companies are demanding a specialized lending partner who can deliver flexible solutions and a personalized approach to service, and we look forward to supporting future growth plans for both Esplanade and Meridian.”

NYC-based Esplanade Capital owns and manages a portfolio which includes multifamily units, unique healthcare facilities, hotels, retail, and commercial office suites throughout New York City and the tristate area, as well as several other states.