Capital One Provides $285M Bridge Loan for Senior Living Portfolio
The entire loan will be used to refinance Prime Care's 13 asset portfolio, consisting of assisted living, memory care and skilled nursing units.
VIRGINIA – Capital One has closed a $285 million bridge loan to refinance Prime Care LLC’s senior living portfolio.
The portfolio consists of 13 senior living communities comprising 1,081 assisted living units, 301 memory care units and 85 skilled nursing units, located across seven states. 11 of the facilities are managed by Sunrise Senior Living, while two facilities are managed by Harbor Retirement Associates.
Prime Care has served as owner of the facilities since the late 1990s, when they were built. Along with its affiliates, Prime Care has owned more than 50 senior living facilities, generating $250 million in revenue.
Capital One Healthcare is a financial services provider within the industry. The firm finances acquisitions, refinances existing debt, supports working capital needs and funds growth initiatives across healthcare sectors including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices.
Capital One Financial Corporation, headquartered in Virginia, is a financial holding company, with subsidiaries including Capital One NA and Capital One Bank NA.
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