BRIDGEPORT, Conn., Oct. 15, 2019 /PRNewswire/ -- People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), announced its Healthcare Finance and Capital
Markets Divisions provided a $57.5
million Credit Facility to ReNew REIT, a privately held
healthcare real estate investment trust (REIT) formed in 2018 that
focuses on independent living, assisted living and memory care
communities.
The facility provides ReNew and its joint venture partner,
Heritage Senior Living, with capital to acquire a senior living
campus in Douglassville,
PA.
"We are thrilled to partner with ReNew and their experienced
management team to provide a permanent mortgage solution with the
flexibility to accommodate the future expansion of their
portfolio," said Ken Jamison,
Managing Director, Loan
Syndications, People's United Bank. "Our specialized lending
team worked closely with ReNew to structure a customized facility
that accounted for their unique credit requirements and capitalized
on existing tax credits."
"People's United has maintained a strong relationship with our
joint venture partner Heritage Senior Living, and was a natural
capital partner given their industry expertise," said John Getchey, Chief Investment Officer, ReNew
REIT. "The People's United team was uniquely positioned to
understand our dynamic requirements, offer competitive terms and
ensure a smooth close. We look forward to growing our business
relationship with them."
People's United's Healthcare Finance and Capital Markets
Divisions are comprised of experienced in-market Bankers across the
Northeast and Mid-Atlantic who provide local market-based solutions
to non-profit and for-profit organizations across industries. The
teams offer Commercial Banking solutions for Healthcare Finance,
including Treasury Management, Wealth Management, Derivative and
Insurance services. 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.
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc., a diversified,
community-focused financial services company headquartered in the
Northeast with more than $51 billion
in assets. Founded in 1842, People's United Bank offers commercial
and retail banking through a network of over 400 retail locations
in Connecticut, New York, Massachusetts, Vermont, New
Hampshire and Maine, as
well as wealth management and insurance solutions. The company also
provides specialized commercial services to customers
nationwide.
About ReNew REIT
ReNew REIT is a privately held
company investing in independent living, assisted living and memory
care communities. ReNew's mission is to improve the quality of
community-based care for seniors by fostering relationships with
leading seniors housing operators. ReNew is headquartered in
Toledo, OH and invests in private
pay seniors housing across the U.S. ReNew's current portfolio is
comprised of 69 communities, 6,546 units, located in 12
states.
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SOURCE People's United Bank