Daily News: August 29, 2019

People’s United Provides $92MM Facility for MidCap Financial

People’s United Bank’s Healthcare Finance and Capital Markets Divisions provided a $92 million credit facility to MidCap Financial.

The facility provides a “bridge” enabling MidCap to deliver fast execution and loan closings to borrowers who seek long-term permanent mortgage financing with a HUD, Freddie Mac or Fannie Mae loan, which can take a number of months to obtain approval and close.

The facility extends maturity of an existing syndicated line of credit provided to midcap in 2017, for which People’s United served as lead arranger, and included multiple service offerings for the borrower.

“We are excited to expand our partnership with MidCap and to further strengthen our relationship with a leader in the middle market finance industry,” said Jeff Carpenter, Executive vice president of Commercial Banking, People’s United Bank. “This is a great example of our ability to structure a unique banking solution tailored to Midcap’s thoughtful growth strategy.”

“People’s United is a proven lender that understands our business model and has the creativity and flexibility to provide solutions that are suited to our and our borrowers’ needs,” said Eric Kammerer, managing director, head of Real Estate Finance & Syndications at MidCap Financial.

MidCap Financial is managed by Apollo Capital Management, a subsidiary of Apollo Global Management.