The Healthcare Finance Division of People’s United Bank provided a $61 million credit facility to Brightview Senior Living, a privately held real estate development and property management company specializing in multifamily and senior living communities.
The credit facility will be used to construct a new 200,000 square foot, 190-unit senior living community in Wayne, NJ consisting of 97 independent living, 58 assisted living and 35 Wellspring Village units, which provides dementia patients with specialized care.
“Brightview has a proven track record of building and operating specialized senior living communities and we are pleased to support the continued expansion of their portfolio in demographically attractive markets,” Matthew Huber, SVP and Healthcare Finance market manager for People’s United Bank, said. “As a result of our existing relationship with Brightview, we were well-positioned to fully understand their business model, strategic growth plans and provide a creative deal structure that is reflective of their near and long-term goals.”
People’s United’s Healthcare Finance Division is comprised of in-market bankers across the Northeast and Mid-Atlantic who provide local market-based solutions to non-profit and for-profit organizations across industries. In addition, their origination, underwriting and approval of credit facilities of $5 million and higher provides companies with funds for acquisitions, construction, equipment, working capital needs or debt restructuring.
People’s United Bank is a subsidiary of People’s United Financial.