BRIDGEPORT, Conn., March 10, 2020 /PRNewswire/ -- People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), announced its Healthcare Finance Division provided
a $61 million Credit Facility to
Brightview Senior Living ("Brightview"), 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 sf,
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 a specialized environment and care
specific to their unique needs. The Facility will allow Brightview
to further expand their presence into New
Jersey and is an extension of an existing relationship with
People's United.
"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," said Matthew
Huber, SVP, Healthcare Finance Market Manager, People's
United Bank. "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
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. 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 approximately $59
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 Brightview Senior Living
In 1999, Brightview
Senior Living was founded to provide seniors with a vibrant place
to live. Today, Brightview builds, owns, and operates more than 40
senior living communities with over 4,000 associates. Brightview
delivers award-winning rental senior living communities in eight
states along the East Coast: Connecticut, Maryland, Massachusetts, New
Jersey, New York,
Pennsylvania, Rhode Island, and Virginia. Their rental senior living
communities offer resident apartment homes with no large entrance
fee for senior Independent Living, Assisted Living, Enhanced Care,
and Wellspring Village®, a specialized neighborhood for people
living with Alzheimer's disease and other forms of dementia.
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SOURCE People's United Bank